We told you last night.
Anytime the word “haircut” is mentioned anywhere in the eurozone, people panic, the currency tanks, and yields blow out, and that’s exactly what’s happening today.
You can see the full text, which is pretty minimal, of the framework proposal here.
Bear in mind that the proposal specifically would exclude existing bank debt, but that never ends up helping calm people much.
By the way, the technical term for hair cut is “burden sharing.”
And here’s the euro.
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