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1.Market Observations

28 Nov 2013 (AFR) – IMF shifts stance on bailouts

(28 Nov 2013, AFR, p13, Landon Thomas)

‘The International Monetary Fund, convinced that Europe erred in forcing debtor countries, such as Greece and Portugal, to bear nearly all the pain of recovery on their own, is pushing for a plan to impose upfront losses on bondholders the next time a euro area country requests a bailout.’

‘Scarred by misjudging the depth of the Greek recession and rebuffed in its attempt to get European governments to write down their Greek loans, the IMF is advocating a more aggressive approach to debt restructuring, to ease the rigours of German-style austerity.’

Read more at AFR.com (might need AFR login access)

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