The fortunes made by the new clan of Kremlin oligarchs have not been legitimised or swapped into liquidforeignassets.
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2.
Yes, the ECB has liquidforeignassets that it can sell into the market to suck out new euros it injects into the market.
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3.
Even if its net debt were zero, a government could still foster a liquid bond market by continuing to issue bonds and investing the proceeds in domestic or foreign private-sector assets.