It appears we are getting a Monoline to solve the problems in the EU. For the life of me I can’t figure how this will work, but we are about to find out. There are no details on this as yet, just planted rumors.
The talk is that EU sovereign debt to be issued in the future would have the benefit of an insurance guaranty that covers the first 20% in the event of default. This guaranty would be backstopped by the EFSF.
The thinking is that a new bonds issued by Spain, Portugal, Ireland,
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