Reuters reports that FinMin Schaeuble has addressed a letter to ECB President Trichet saying Europe faces a real risk of an uncoordinated state insolvency in the euro zone.

  • FinMin says expects substantial new aid to Greece
  • 2012 return by Greece to capital markets unrealistic
  • Private creditors should be involved in Greek debt restructuring

There’s that “R” word again…just won’t go away.