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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated

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To: Les H who wrote (26085)	6/19/2011 9:45:51 AM
From: Les H	Read Replies (1) of 119360

German Finance Minister Wolfgang Schaeuble intends to propose a compromise to the European Central Bank to permit private sector involvement in a second bailout of Greece, German magazine Der Spiegel said on Sunday. The European Financial Stability Facility, the euro zone's bailout fund, would issue bonds and provide them to Greek commercial banks through the Greek government, Spiegel reported without citing the source of its information. The Greek banks, which are heavily dependent on ECB funding, could then use the bonds as collateral to continue obtaining loans from the ECB in its money market operations. This might remove a major obstacle to a private sector rollover of Greek debt, which the ECB has so far opposed on the grounds that Greek banks would be cut off from funding. Credit rating agencies have warned they would probably classify any rollover scheme as a default, and the ECB has said a default would mean it was no longer able to accept Greek government bonds as collateral in money market operations. reuters.com

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