ECB CHANGING COURSE ON SPANISH BAILOUT? - WSJ’s Gabriele Steinhauser and Brian Blackstone: “The
European Central Bank, in a sharp turnaround, advocated imposing losses
on holders of senior bonds issued by the most severely damaged Spanish
savings banks—though finance ministers have for now rejected the
approach ... The ECB's new position was made clear by its president,
Mario Draghi, at a meeting of euro-zone finance ministers discussing a
rescue for Spain's struggling local lenders in Brussels the evening of
July 9.
“It marks a contrast from the position the central bank adopted
during the 2010 bailout of Irish banks—which, like Spain's, were victims
of a property meltdown—when it prevailed in its insistence that senior
bondholders in bailed-out banks shouldn't suffer losses”
ECB Shifts View on Bond Losses - WSJ.com
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