Is Eurobond or variation not a solution? (assuming all sides compromise in order to agree, of course). Seems to me that the political undertones can't be ignored as causal factor for the severity/duration of sovereign debt crisis, if not for the direct cause of crisis. Solutions (always) exist, question is more of will---no?
The above is from today's meeting. Unfortunately, the partial protection certificate they are doing appears to guarantees the bottom of a new issue of bonds, and is not a guarantee of the first 30 percent of a loss. Of course, guaranteeing the last 30 percent is less costly!
It is ugly. Ugliest financial event of my lifetime. If the EU comes through, it will be good for Greece, for the EU, and for the world (outside those who've placed bets for EU demise). It is my belief the world needs at least 2 major currencies to balance things out.