European Financial Stability Facility spokesman Proissl on BBG with comments made to the FT
- nations guarantee EFSF bonds, not EFSF Greek loans
- Greek default would not trigger national guarantees
"Up until 2023 the country is only obliged to pay small amounts to the EFSF, because interest rate payments and redemptions on the biggest part of the EFSF loans to Greece have been deferred by 10 years"
"Even if you assume that Greece fails to honour its interest rate and redemption obligations to the EFSF, Eurozone member states would only have to jump in with funds from 2023 through 2054, the year when the last EFSF tranche is due"
Hurrah, jelly and ice cream all round at least for this bit of the equation