responsibility for the Eurozone crisis from the private to the public sector. Focusing on Greece, I argue that the ECB constructed … the morality of the public debtor in such a way as to make this transfer of responsibility easier and the imposition of … exclusively in terms of public sector responsibility. However, the ECB also employed a range of non-linguistic policy measures …

by increasing excess reserves rather than increasing bank loans, and the public responded with a substantial flight to …