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I had to impression that the ECB had taken the 'more toxic' GGBs as collateral and even that they had bought them and are now the owner? Are there non-standard GGBs which the ECB could now be responsible for liabilites over and above the standard?

Martinghoul, Thank you for the link. I understood the ECB has/is making loans to Greece/Greek banks using defaulted bonds as collateral, though it is reconsidering this option now.

A lot of hedge funds, banks, etc who have blown up would have agreed that it doesn't make sense to allow for a Black Swan, some would even have agreed after blowing up for a second time...............

Exposure-at-default (EAD) is one analysis ( probably incorrect ), does anyone have to hand total exposure by country? How does the ECB accepting Greek debt as collateral against new loans to Greece affect total liablilties and does anyone have the data on that? On the subject of Germany vs...