Discussions have made significant progress on strengthening the capacities of the European Financial Stability Facility, the definition of a plan to strengthen the capital of European banks and the implementation of a future plan to support Greece.
You’d never know it was the French who’ve been the holdouts, based on that statement.
It should probably read:
We’ve caved on our demands that the ESFS be made into a bank, we’ll grudgingly push our banks to raise capital but God help us if we have to bail them out ourselves. We are terrified that a 60% haircut will be accepted by the banks…
