It Starts: Live Telecast Of Eurogroup/ECOFIN Meeting On Bailout
The Europen Union Economic and Financial Affairs Council has prepared yet another webcast of the decision over Ireland which was supposed to start about 30 minutes ago. If prior delays are any indication we expect this session to start with an about 3-4 hour delay. Elsewhere, we are receiving rumors that Germany and France have suggested that bondholders suffer a haircut on their senior holdings, and "do not expect bondholders to accept the two countries' haircut proposal." What that means translated in any language we have no idea. Additionally, as per French finmin Lagarde, the only open item on the agenda is the interest rate to be paid out. As we speculated earlier, 6.7% if out of the question as it would mean revolution.
Watch the ECOFIN meeting live after the jump. These things tend to be a hoot as during the conference reporters are now openly calling the European plutocrats on their bullshit.