• A credit event must be avoided; must verify French proposal will not cause an event
  • Greek banks must take part in rollover (even though the plan is entirely voluntary, I swear!)
  • Greece is not insolvent so long as it takes action
  • Greek debt restructuring would create contagion
  • ECB well protected against Greek restructuring
  • ECB working on deleveraging Greek, Irish banks
  • ECB policy rate is accommodtive
  • Negative real interest rates cannot last for long (higher rates in future)