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Eurointelligence Daily Briefing: Concern about the Greek debt exchange
ECB is also said to be concerned about acceptance rates of the Greek debt exchange offer; Charles Dallara says that there is a now momentum and predicts that the final acceptance will be high; Greece will only accept the debt exchange offer outright if participation is above 90% - at rates between 75 and 90%, Greece will consult with official creditors; the latest polls show that New Democracy will fall to receive an absolute majority at the forthcoming Greek elections; Merkel initiates an alliance of conservatives prime ministers against Francois Hollande by refusing to receive him as an official guest; German foreign minister criticises the decision; Merkel requires a two-thirds majority in the Bundestag for the vote on the fiscal pact, which may trigger some counter-demands from the SPD; a report says the ECB is outraged about Jens Weidmann's letter to Mario Draghi, saying it sends a devastating signal; Wolfgang Munchau writes the German economics establishment never accepted that the eurozone is a true monetary union, and that Weidmann's demand to securitise the Target 2 balance can only be enforced through military intervention; the German government cut out the reference in the troika's report according to which Greece needed a third rescue programme in a few years' time; Jean-Claude Juncker said he is ready to quit as chairman of the eurogroup; the LTRO has led to a change in interest rate expectations, as a majority of economists no longer believes that rates will fall; Gavyn Davies says the LTRO brings forward future seigniorage, an asset owned by governments, and thus constitutes a quasi-fiscal action.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 04:47:40 AM EST
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