This has been going on for a very long time, but now Greece has been given the nod and a wink to go full steam ahead, effectively doubling the amount of freshly printed euro's without any asset backing. And here is why:
He (ECB President Mario Draghi ) didn't want history books pointing at him. So the ECB switched gears. It allowed Greece to sell worthless treasury bills with maturities of three and six months to its own bankrupt and bailed out banks. Under the Emergency Liquidity Assistance (ELA)................. the Bank of Greece would fund the Greek government.
Precisely what is prohibited under the treaties that govern the ECB and the Eurosystem of central banks. But voila. Out-of-money Greece now prints its own euros! The ECB approved it. The ever so vigilant Bundesbank acquiesced. No one wanted to get blamed for Greece's default.