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Irish Independent: Bond yields soar as Germany digs in heels over Greek bailout (11 June 2011)
Germany is insisting that bondholders should have to share the cost of a second Greek rescue, defying the views of ECB president Jean-Claude Trichet who is opposed to a policy he believes would damage financial confidence inside the eurozone.

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[Mr Schaeuble] wants bondholders to extend the repayment date on Greek debt by seven years. [He] is pressing ahead with his policy despite ratings agencies saying it's likely to be classes as a default by Greece.

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Mr Trichet said he would back a plan that sees bond investors voluntarily agree to buy new Greek bonds when the ones they already hold mature, but nothing more drastic.



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Jun 13th, 2011 at 12:10:29 PM EST

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