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Eurointelligence daily briefing: ECB raises stakes on Greek debt restructuring (15.04.2011)
Lorenzo Bini Smaghi warns of a collapse of the Greek banking system, and catastrophic social consequences of a default; indirectly criticises Schäuble's open talk about a debt restructuring as scaring away potential investors; peripheral bonds rise to new records, as investors take fright at restructuring and the prospect of a Finnish No to the Portugal package; Pro-Euro National coalition party confirms its lead in the polls ahead of Finnish elections on Sunday; a Reuters poll puts the chances of a Greek debt restructuring at 60%; the IMF hints at a new programme for Greece; Olli Rehn declares end-game in eurozone crisis management has arrived; the Spanish government was forced to correct a hyped announcement that China Investment Corporation would save the cajas; Lower Saxony recapitalises Landesbank following silent participation ruling of EBA; Francois Fillon wants to freeze EU budget until 2020; ECB rate hike talk has led to an increase in the Euribor across all maturities; the ECB, meanwhile, expressed alarm at the rise in contingent debt.
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Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Fri Apr 15th, 2011 at 02:17:02 PM EST

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