Instead, the European authorities should make an unequivocal commitment to all countries in a bailout programme to guarantee all sovereign interest and principal payments, charging a rate at or only marginally above the rate at which the euro area\’s credit-worthy governments can borrow.
Yes, it\’s another suggestion of the CDO to end all CDOs!
Let\’s mix and match Greek debt, Irish, German, Finnish, altogether in a great big pot.
Just as we did with the mortgage of Mrs. Jones, Mr. Smith and all that.
Nothing can go wrong for we\’ve diversified our risks haven\’t we? Pooled them.
And they can\’t all go tits up at the same time, can they?