Hans Michelbach of the Christian Social Union (CSU) – German Chancellor Angela Merkel’s Bavarian sister party – criticised ECB president Draghi, saying he was turning the institute into a “junk bank” with his plans to buy debt rated as junk (On Thursday, the ECB said it plans to buy debt included that with a “junk” credit rating from Greece and Cyprus – conditions apply!)
Michelbach, is chairman of the conservative faction in the parliamentary financial committee
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