A Euro area action plan
The eurozone summit did not pledge any concrete sums, but only provided a framework. Member states will announce their individual plans today. The UK will nationalise some banks this morning. The euro area agreement consists of three main components: state guarantees of new debt issuance by banks, recapitalisation of banks, and new temporary accounting rules. We think there are no explicit provisions for the non-collateralised inter-banking market, but the ... Full Story »
Posted by Peter Barnett
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