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The logjam between the bondholders (mostly French and German banks) and the German government- 2010-2012
07/01/2011
The roots of the Eurozone financial crisis go back to the issue of who should pay for the excess lending of French and German banks. Will it be the German taxpayer or the banks that took excessive risks? German financial experts, the German government and parliament, German public opinion, are all adamantly opposed to letting the banks off without sharing at least 50% of the costs of a bailout. A review done by the European Commission in coordination witht he IMF and the ECB, shows that from May 2010 (the date for the inception of the aid program to Greece) to September 2011, $52 billion of the $91 billion loaned to Greece went to pay bondholders for bonds that came due. The July 2011 EU agreement for Greece called for 21% of losses to be allocated to the bondholders. The German government is pushing for 50% and German parlamentary leaders in Merkel's party are balking at anything less.
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European Bank Chief Pushes Back
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New York Times 11.28.2011
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Dithering at the Top Turned EU Crisis to Global Threat
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Deepening Crisis Over Euro Pits Leader Against Leader
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Wall Street Journal 01.14.2012
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'Voluntary' Greece Deal Seen Overstated
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Wall Street Journal 03.09.2012
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Bet on Greek Bonds Paid Off for a Vulture Fund
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