I don’t see how you’re describing anything other than what I’ve described. The money may come from the private sector, but the government guarantees for it. Th

I don’t see how you’re describing anything other than what I’ve described. The money may come from the private sector, but the government guarantees for it. This is government spending. On paper, the government may theoretically not have to pay, but in practice everyone knows that the loans aren’t paid back and then the government must pay for them. These loans really are just creative accounting for giving money within the budgetary constraints European governments find themselves in.