Thursday, December 19, 2013

The “bail-in” approaches. Beware Co-Co bonds.

Eurozone ministers agree banking deal

Gunnar Hökmark, the lead negotiator for the parliamentary side, said: “We 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 €12.5bn of joint funds not available until 2020, even though 128 banks covered in the agreement have an aggregate balance sheet somewhere between €26 trillion and €27 trillion". (Hint: read the small print).

Posted by alan @ 11:14 AM (1143 views)
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