Reconsider, is more like it. For a ESM bond-buying program to work, the ESM cannot be a senior creditor to other bond holders. They have to play on a level playing field in order for the market to buy along with them.
Private bond holders were paid a fraction of a euro on the dollar when Greece restructured while European official institutions were made whole. That can’t persist or bond-buying programs are doomed to failure.
Finance ministers meet tomorrow, ahead of the EU summit later this month.
