“The increase in the size of the balance sheets of the top five central banks in the world, over the past three years, amounts to the equivalent of 70% of the gold ever mined in the past 3,000 years.”
Eveillard, who oversees $50 billion at First Eagle Funds, had this to say about the situation, “I think they bought some time, not so much because of what happened with the Greek bonds but because the head of the ECB decided to lend the commercial banks whatever they needed. This happened in December and again in February and it totaled over on trillion euros.”
“As I said, this has bought the Europeans some time, maybe a few months. The Greek situation is really beyond repair, but everyone is afraid of contagion so they just keep kicking the can down the road." More/source