When Europe’s leaders set out in June 2012 to break the “vicious circle” between banks and sovereigns, they left rules for treating government bonds untouched, an oversight that may subvert their drive to prevent a recurrence of the debt crisis. . .

http://www.bloomberg.com/news/2014-02-10/eu-banks-risk-free-debt-addiction-threatens-ecb-led-overhaul.html