"The hottest question in Europe" (amv)

is: "Did the ECB just pull off a Back-Door Bailout that will end the crisis?" by Simone Foxman. Reactions: Karl Smith, Modeled Behavior; Tyler Cowen, Marginal Revolution; Gareth Gore; Free Exchange (The Economist); Felix Salmon. I side with Smith and Salmon. Final update: Izabella Kaminska (FT Alphaville) resolves the issue (see also her previous post).