I just can’t wait.
It’s funny, everytime the word Troika comes up I start thinking about Troika Cornish pottery.
And now my least favourite ECB’er Bini Smaghi. Why use 10 words when you can use two hundred.
- Debt restructuring of a euro zone country “should only be the last resort” (yer think?)
- After a restructuring, the country’s banking system would unlikely have sufficient collateral to access ECB refinancing operations
- “Preventative” private sector involvement would make euro area less attractive
- Greece is solvent to the extent that it is willing to sell some of its assets
- Rational for Greece to be considered solvent and asked to service its debts
