Monday, October 10, 2011

Slovakia still deadlocked on EFSF revision.

Negotiations have been deferred to the last moment supposedly falling due tomorrow morning in Slovakia.

As it now seems generally accepted that the private sector involvement in the 21st July package, involving only a 21% haircut, rather than the presently touted 50% figure makes the whole package appear unworkable. Its all almost as unreal as watching French broadcast reports on the Dexia bank deal for Belgium and Luxembourg with no reference to France!

No matter, Sarkozy and Merkel have a plan to solve all this, which will be revealed by the end of the month. Italy's Foreign Minister Frattini is being reported as having little faith in this, well, well!



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