Every indexed document

denial appears to be an essential ingredient to the process (See “Five Stages of Greece”

taking into account the Commission's recent proposals in that direction

the following Orwellian clause indicates how

particularly with Spain and Italy growing at anemic levels

and a process has been put in place to create more seamless transfers to areas (and banks) in need. But the size of the

particularly banks. The chance of a disorderly default in 2011 has decreased

gets close to some expensive episodes in German history. If German citizens were faced with costs this high

the theoretical economic cost could be 3.3% of German GDP every year

they estimate a “creditworthiness gap” in European deficit countries of Eur 108 billion in 2010. The gap

which provides some clues. They see three alternatives for the deficit countries:

we are starting to see analyses of how costly a permanent transfer union may be for

and that if they just agree to one more package

and will do whatever it takes to prevent a break-up. The objections from members of the

J.P. Morgan Private Bank. Periphery = Portugal

all the EU package does is allow the current approach

while bonds with higher coupons will be exchanged at a 20% discount

committed in principle by 30 financial institutions listed in the document released

Maastricht with teeth (?) and private sector involvement in Greek debt rollover

including a plan to purchase 40 bn of Greek debt

allowing the country to continue to pay off maturing debt (to those not participating in the exchanges)