Chillin' out till it needs to be funded
After 10 years of the common currency the 15 nations and the 11 peripherals can finally get down to selling out allt he miniscule national debt and buy the EC sponsored/ EIB/ECB sponsored bonds. Whoever distributers the bonds finally it is likel to favor the commission and the lenders wil have to bite large amounts of unsecured debt as well which is well likely to be north of $2 Trillion from the $3.5 Trillion pie. Whatever Fixed income desks might be feeling in terms of wise unwise move Euro debt trades bang like the sovereign debt of the Euro countries should right now and is not much of a strain on the big fat Germans either. Just sayin’
This is especially because Germans need to build back local exports and Inter bank transaction using the Euro which is a mere 10% and less now, will force a lot of rationalisation and economic gratis to all without unduly favoring the peripherals or penalising the founder members ( if so deigned, that definition might also serve the Euro citizens in good stead. And wow WSJ is leading with lessons from the Latin American realignments of the 90s..