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How Much Lower for EURO?
The market is getting the feeling that Euro finance ministers are stalling as they move as stealthy as a bull in a china shop in taking control of this crisis. They are beginning to drop hints that bondholders or PSI may be saddled with bigger losses on Greek debt. So far there are no details about a possible recalibration of the ‘voluntary’ debt exchange. A reopening of negotiations for bond write downs will strip away what ever EU credibility is left amongst investors. A return to the PSI agreement reached two-months ago will only speed up a Greek default. It seem that EU finance ministers argument will be as ... (full story)
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