FT Alphaville has done a post about this, and so did John Hussmann.
Other issues this raises are how much exposure this gives the ECB to crappy collateral? FTAV has a related post here. What kind of haircut is the ECB giving to hold this collateral? How much of this borrow-buy carry trade is actually taking place, and which banks are involved? What effect would further margin requirement hikes by the likes of LCH Clearnet have on this situation? How will this kind of leverage affect the other market activities of the broker dealers? (see FTAV)
I'll leave you with a link to a post on a great Australian Macroeconomic Blog I found: France is next