Clever folks, those ECBers. This is an article purportedly primarily about precious metals which incidentally gives the best explanation I've seen as to how the ECB is going to do an end run around restrictions on "printing money" and provide massive liquidity to the European banking system.
Hey, if you get collateral, it's a loan, not a gift, right? Too bad the collateral is nearly worthless. Fractional reserve banking is ultimately just another form of leverage. Works great as long as you follow the rules. Hurts a lot when you don't, and this pain is going to make whole nations suffer.