One of the Key Points of the Bailout# Stock
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According to the Wall St. Journal:
European finance ministers agreed to water down a German-backed
proposal to force private bond holders to take writedowns in the event
of future bailouts. The plan, which will create a new fund to replace
in 2013 the EUR440 billion bailout fund put in place in May, would
still require countries found to be insolvent to negotiate a
restructuring with private-sector creditors.
"The Irish thing is so important and I think that they may have put
more uncertainty into the markets than they would like to by, on the
same day they announced a deal, announcing a restructuring policy that
begins in 2013," said Peter Morici, an economist at the University of
Maryland.
"What do you do if a sovereign can't refinance? It raises a lot of
questions," he said. He added that U.S. stocks are just not going to
view this positively, hence he sees losses for Monday.
European finance ministers agreed to water down a German-backed
proposal to force private bond holders to take writedowns in the event
of future bailouts. The plan, which will create a new fund to replace
in 2013 the EUR440 billion bailout fund put in place in May, would
still require countries found to be insolvent to negotiate a
restructuring with private-sector creditors.
"The Irish thing is so important and I think that they may have put
more uncertainty into the markets than they would like to by, on the
same day they announced a deal, announcing a restructuring policy that
begins in 2013," said Peter Morici, an economist at the University of
Maryland.
"What do you do if a sovereign can't refinance? It raises a lot of
questions," he said. He added that U.S. stocks are just not going to
view this positively, hence he sees losses for Monday.