http://www.dw-world.de/dw/article/0,,15491234,00.html The detail surrounding all three measures however is limited to say the least, and subject to ongoing discussion. It seems that the Bundestag, the G20, the banks, the ECB and the EU17 will all have further say on the resolution of the detail and as far as the Eurozone ‘can kicking’ goes this is another fine example. I, for one, am still in the Mervyn King camp on the matter, whose sentiment was mirrored by Canadian Finance Minister Flaherty last night when he said that the measures suggested may “contain [the] crisis, but not resolve it”.
http://www.tradingfloor.com/blogs/ecus-fx-strategic-insight/eur-silk-purse-or-piigs-ear-1432261871
Thursday, 27 October 2011
The Institute of International Finance, which represents financial companies, agreed to “develop a concrete voluntary agreement on the firm basis of a nominal discount of 50 percent on notional Greek debt held by private investors,” Managing Director Charles Dallara said in a statement e-mailed at 4:26 a.m. in Brussels
Euro-area leaders who called Dallara into a meeting at about midnight, forcing a break in their 10-hour summit, said that while the bond transaction will be voluntary, the decision resulted from an offer he couldn't refuse.
“It was the fiercely delivered wish by Merkel, Sarkozy, Juncker, that if a voluntary agreement with the banks was not possible, we wouldn't resist one second to move toward a scenario of the total insolvency of Greece,” Luxembourg Prime Minister Jean-Claude Juncker told reporters. That “would have cost states a lot of money and would have ruined the banks.”
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