The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
I wonder where the "no bondholder bail-ins before 2013" comes from. Is it that 2008-13 is a five-year period that they think a priori will allow banks to make their balance sheets whole to the point where they can take a default without blowing up?
Is it that by 2013 the banks will have offloaded all their debt onto the governments? Note that the EFSF is basically a way to replace unpayable maturing debt owed to "the market" with new debt owed to the EU Member States' treasuries. "The market" refuses to roll over the debt, so the EFSF does it for them.
Economics is politics by other means
by gmoke - Oct 28 7 comments
by ManfromMiddletown - Oct 20 61 comments
by gmoke - Oct 7 3 comments
by ARGeezer - Oct 7 60 comments
by gmoke - Oct 287 comments
by ManfromMiddletown - Oct 2061 comments
by gmoke - Oct 73 comments
by ARGeezer - Oct 760 comments
by DoDo - Oct 310 comments
by Cyrille - Sep 24136 comments