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Eurointelligence Daily Briefing: Rumours on Greek restructuring are spooking the markets (21 April, 2011)
Greek bank stocks fell 4.6%, and CDS reach new record on rumours of a forced haircut to be imposed this weekend; Greek finance ministry requested a prosecutor to investigate possible criminal conduct, as traders sent an email containing the rumours of an early restructuring; a member of Merkel's council of economic advisers said Greek debt needs to be restructured; a majority of economists polled by Reuters agree, but say no action needed for another year; in Germany, parliamentary opposition to the ratification of the ESM is widening; Merkel is coming under pressure to give the Bundestag full co-decision rights; vote on EFSF and ESM has been postponed until the autumn; True Finns leader Timo Soini insists that Spanish banks should participate in a Portuguese bail-out, as a precondition for his acceptance of an EFSF package; there was some good news from Spain as it managed to auction of two long-term bonds;the Swiss government aims to impose Draconian capital requirements on Swiss banks, including a 19% capital buffer, with 10pc in core tier-1 capital; two Germany federal states, meanwhile, have agreed to recapitalise the Helaba Landesbank, which would otherwise have failed the stress test.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Apr 21st, 2011 at 05:03:14 PM EST

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