Merkel is on the wires saying private investors must share in the cost of future crises. Left unsaid is that private investors can’t share in the losses now because the European banking system would collapse…
EU leaders are working off the sins of the last 10-years, she says. The euro has been strengthened by the political commitment to closer economic coordination, Merkel says.
Outgoing Buba president Weber earlier suggested haircuts for Irish bank bondholders…
EUR/USD is easing, now at 1.4203.
