terça-feira, julho 13, 2010

Os alemães a prepararem o depois de amanhã

Os alemães não vão em fantasias e ilusionismo.
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Começam a preparar os cortes de cabelo dos PIIGS "Merkel's Rules for Bankruptcy"

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Finance Minister Wolfgang Schäuble, in complete agreement with Merkel, said: "We have to think about how, in an extreme situation, member states could become insolvent in an orderly fashion without threatening the euro zone as a whole."
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"The experts propose a two-step procedure. In describing the goals of this approach, Schäuble says: "Whenever a company files for bankruptcy, the creditors must relinquish a portion of their claims. The same should apply in cases of national bankruptcy." (Moi ici: Acho muito bem, para que da próxima vez que emprestarem pensarem duas vezes)
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"The reformers expect the plan to have a deterrent effect, both for lenders and borrowers. If banks and private investors must anticipate that they may not recoup all of their investment, they will be more cautious about lending money to certain countries."

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"But is this feasible? In a situation in which a euro-zone country can no longer service its debts, the government experts propose a "tailored combination of maturity extension and a suitable reduction of the face value or interest rate" of the bonds in question. In other words, creditors receive less money than they are entitled to, and they have to wait longer for it, a process experts refer to as a "haircut."
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A versão do Público
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Outra versão.

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