Par Magnusson of RBS spoke with CNBC this morning about eurozone debt restructuring.
- 1:05 No fundamental issue is solved in the eurozone. They can fund themselves, but how will they ever pay it back?
- 1:45 There isn’t going to be any price convergence in bonds in the eurozone, possibly, ever again.
- 2:05 How is Greece ever going to pay back with 11% interest rates with 100% debt to GDP?
- 2:30 Dr Irwin Steltzer – People are nervous about the economies ability to pay this sort of debt burden back; there is no way forward without some sort of restructuring; the EU backup facility is not as large as everyone hoped.
- 3:35 Dr Irwin Steltzer – Anyone who looks to the ratings agencies for some sort of guidance on things like the European Union bailout fund clearly doesn’t get it.
- 4:20 The ECB does what it can. What has to be done is restructuring.
Business Insider Emails & Alerts
Site highlights each day to your inbox.