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Tuesday, October 25, 2011

Europe: Confusion and Uncertainty

by Calculated Risk on 10/25/2011 07:59:00 PM

Tomorrow is the announced deadline for a deal, but the meeting of European leaders doesn't start until 7 PM in Brussels (1 PM New York time), so any announcement will be late at night in Brussels.

The only thing that is certain is there won't be an announcement tomorrow morning!

From the Financial Times: Fears euro summit could miss final deal

A draft of the summit communiqué ... described to the FT does not include any wording on a completed deal on Greek bondholder haircuts ...

In addition, a separate “draft terms and conditions” paper on ... the eurozone’s €440bn rescue fund ... makes clear that leaders will be unable to attach a figure to how much firepower the leveraged fund will have. “A more precise number on the extent of leverage can only be determined after contacts with potential investors,” the draft states.
excerpt with permission
From the WSJ: Europe at Odds Over Crisis Package
Prospects for a long-awaited breakthrough deal to stem the worsening euro-zone debt crisis were up in the air on Tuesday, as governments and banks remained at loggerheads over how much pain to inflict on holders of government bonds issued by Greece ... Banks on Tuesday were rebuffing pressure from governments for "voluntary" write-downs of 50% to 60% on their Greek bonds
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