Welcome to the EU, where the deals only get better. Go bust, we’ll bail you out. When they bailout proves politically unpopular, we’ll change the terms of the deal.
Rehn says it is important to respect the memorandum of agreement but that he would support a change in the pricing policy. He sees room for maneuver in the later years of the package but says the deal must be respected for 2011.
Also crossing the wires are reports or rioting in Bahrain as Mid-East political stability wavers. That tends to support the USD and CHF…