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Eurointelligence Daily Briefing: Juncker is confusing everybody with his loose talk on "reprofiling"
Reprofiling - the exchange of short-term debt for long-term debt - has emerged at the catchphrase in the Greek crisis resolution; Jean-Claude Juncker makes reprofiling conditions on a successful Greek privatisation programme; Ecofin does not address the question that a reprofiling would constitute a credit event, and would land Greece with a C-rating, and its banks with no access to ECB collateralised lending; Christine Lagarde opposes reprofiling, as does the ECB; Reuters reports that the word reprofiling does not exist in finance, but it is a well known alternative term for a nose job; El Pais says the idea of a restructuring is now becoming accepted among the EU policy makers; EU insists on cross-party consensus in Greek debt talks; Bild Zeitung reports that the privatisation of land in Greece is hard, considering the absence of a land registry; Martin Wolf pays tribute to DSK, and says the new IMF chief, probably a European, will face a very tough job in keeping the lid on the eurozone crisis; Wall Street Journal reports that Timothy Geithner effectively called for DSK's resignation; Bild reports that Angela Merkel is looking for a German candidate; we think it is going to be Lagarde;Sarkozy's electoral fortunes are improving in the wake of the DSK affair; Ireland asked the European Commission to extend its bank guarantee scheme; the French media welcome Mario Draghi's nomination to the ECB, while the Germans remain cautiously sceptical; King Albert of Belgium, meanwhile, has asked the French-speaking Socialist leader Elio di Rupo, to try to form a government.
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Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Wed May 18th, 2011 at 02:24:30 AM EST
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