Last week we wrote a lot about what's rapidly becoming the hottest question in Europe: Did the ECB pull off a backdoor bailout of the various governments by making it super-cheap for banks to borrow money, with which they can then turn around and buy sovereign debt at juicy yields?
Some people think a corner has turned. Economist Tyler Cowen wrote a post on this headlined: It is finally being recognized that the eurozone made a major policy breakthrough.
