Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
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?

That is the only thing that makes sense of the provision. And it is confirmed by the howls from Germany over StressTest 2.0. And, per Basel II definitions many of the Landsbanks will have to be capitalized, not re-capitalized. Has their capitalization to date consisted of "the full faith and credit" of their state governments?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere." (But it helps!)
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 11:28:06 AM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

France on Strike

by John Redmond - May 30
5 comments

Böhmermann

by DoDo - May 29
11 comments

A Tale of Two States

by Frank Schnittger - May 26
20 comments

Edmund Burke for Socialists

by ARGeezer - May 25
19 comments

Occasional Series