EBRD Head Warns Against Banks Absorbing Costs Of Greek Rescue
This is in response to German objections to a plan that would require the loans to be junior to existing bondholders (via ZeroHedge).
Query: Has the IMF ever given a developing country a loan that was junior to existing bondholders?
As in the ’30s it looks like the bailouts will continue — until economic forces make them impossible (e.g. CreditAnstalt).
Who really thinks that postponing crises solves them?
Synthetic Assets 