I just remembered how hard Italy tried to meet the Maastricht criteria. The Italians even paid a "tax for Europe" to qualify for euro zone membership. http://www.euronews.net/2011/10/05/moody-s-slashes-italy-s-credit-rating/
It is as complicated as it sounds and was designed to make Finland's demand so expensive that no other euro zone country would ask for the same. To that extent, it has worked. http://www.codewit.com/africa/3515-finland-no-winner-in-collateral-deal-analysts
http://www.irishtimes.com/newspaper/finance/2011/1005/1224305256500.html
Noonan hopes new EFSF fund will aid Anglo
http://www.independent.ie/business/irish/noonan-hopes-new-efsf-fund-will-aid-anglo-2896194.html
ECB defeats Noonan over burning the bondholders
Mr Noonan said that during his meeting with Mr Trichet he raised the issue of burning senior bondholders at the now-defunct bank, but that Mr Trichet's opposition to any burden-sharing had increased significantly.
"He has been dead against it, but since the attempts to introduce burden-sharing in Greece and the contagion into Italy and Spain, he has only increased his opposition," Mr Noonan said.
"Private-sector involvement in Greece had a very quick knock-on effect into Italy and Spain and private-sector involvement didn't seem to be the way forward if you were trying to encourage the markets," Mr Noonan quoted Mr Trichet as saying.
http://www.independent.ie/national-news/ecb-defeats-noonan-over-burning-the-bondholders-2880148.html
Posts
