Thursday, December 19, 2013
The “bail-in” approaches. Beware Co-Co bonds.
Gunnar HÃƒÂ¶kmark, the lead negotiator for the parliamentary side, said: Ã¢Â€ÂœWe now have a strong bail-in system which sends a clear message that bank shareholders and creditors will be the ones to bear the losses on rainy days, not taxpayers." says Mish " Details show the alleged rainy-day fund is a pathetic Ã¢Â‚Â¬12.5bn of joint funds not available until 2020, even though 128 banks covered in the agreement have an aggregate balance sheet somewhere between Ã¢Â‚Â¬26 trillion and Ã¢Â‚Â¬27 trillion". (Hint: read the small print).