23 July 2012 CNBC "ESM, Quantitative Easing... They can't cut policy rates any further. Do they deal with contagion risk?" [What can the ECB do beside full blown QE?] "The SMP have been buying Greek paper but it doesn't really work. It's just an exit route for many investors [Very nice] Market wants something much more sizeable. But Draghi wants politicians to do xyz". [Is Spain and Italy too big to bail?] "The ECB could use its balance sheet...."