ECB CAN GO BANKRUPT?

Open Europe is a think tank with grand ideas - namely one of a transparent Europe. Now bear in mind that the EU hasn't had its books signed-off in what seems like forever, I applaud organisations that are seemingly on a hiding to nothing, you know like the Football Association and Fifa.

However, in A House of Sand, Open Europe warns that the European Central Bank (ECB) could lose its capital base with just a 4.25% loss on its loans to the periphery Eurozone countries.

Now I do have a small issue with this estimate...namely that there isn't a chance in hell of the ECB going essentially bankrupt. Too many politicians and banks have an interest in this working. All central national banks support the ECB and, at the end of the day, the taxpayer will be called on to bailout if the unmentionable happens.

And hasn't that always been the case?