• the plan here to be used if countries meet conditions
  • Ireland and Portugal have not yet qualified for help
  • sees risk calmer markets weaken reform drive, must show reforms are bearing fruit
  • would like France to take corrective action in 2013 to get close to 3% deficit
  • not much ECB can do if govt yields go up because of political events
  • if Ireland bank debt deal allows CB to dispose of bonds faster then concern of monetary financing is alleviated