Does the ECB actually have any Capital Base. Looks like a mere 4.25% This looks like extreme risk taking. to save the "markets".. !

ECB takes landmark decision and agrees to buy Spanish and Italian debt;
Cost of borrowing drops for Italy and Spain but questions remain over long-term market stability
Following an announcement by the ECB last night, suggesting that it was willing to purchase Spanish and Italian government debt, markets rebounded this morning. The cost of borrowing for Spain and Italy fell significantly, with early reports suggesting that the ECB had already begun buying five-year bonds of both countries. Stock markets across Europe posted early gains. It is not clear whether the ECB’s decision gained unanimous support within the bank’s Governing Council, with Bundesbank President Jens Weidmann, and others, voting against the purchase of Irish and Portuguese bonds last week. The WSJ quotes Open Europe’s study showing that even before the purchases of Italian and Spanish debt, if the value of the ECB's asset holdings falls just 4.25%, "its entire capital base would be wiped out”.

Der Spiegel quotes German government officials suggesting that the eurozone bailout fund, the EFSF, will not be increased in size despite calls from EU officials and markets. Open Europe was quoted twice in the Sunday Times arguing that in order for the EFSF to act as an effective backstop for struggling countries, it would require loan guarantees amounting to at least 25% of each Triple-A rated country's GDP, adding “The choice that was always apparent is drawing closer. Appease the markets but run over the voters and create a full fiscal union - or break up the eurozone." Open Europe’s Raoul Ruparel appeared on BBC News discussing the crisis, and was quoted on the BBC’s and Telegraph’s live blogs.