- Europe needs solidarity and not just solidarity
- Will take “some time” before markets stop overshooting risks in periphery sovereign bond market
- Need to discuss automatic 3 year maturity extension for sovereign debt, not writedowns
- This mechanism needs to be in collective action clauses of sovereign bonds starting 2013
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ECB’s Weber: Better if Ireland isolates bank deposits, lowers burden on its taxpayers and makes creditors perticipate in losses
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