Finally, and crucially, the markets will be listening to hear whether the bond purchases are conditional.

BBC: Waiting for Draghi

The deal, which is expected to be completed early next year, is conditional upon successful completion of a bond offer, European Union approval and Kansas State Commission consent.

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Or is that 77.5%, with the 22.5% being actual money and the rest conditional (ie, really, a bond in the bank).

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