Schaeuble Disappoints On Geithner's Uber-Levered EFSF Plan
Just Bloomberg headlines for now but equities and credit giving some back and EUR selling off modestly as German finmin Schaeuble comments in an N-TV interview:
*SCHAEUBLE SAYS EURO REGION HAS NO INTENTION TO INCREASE EFSF
*SCHAEUBLE SAYS `WOULD BE GOOD' TO HAVE ESM FUND EARLIER
*SCHAEUBLE SAYS ESM MAY COME AS ORIGINALLY PLANNED MID-2013
*SCHAEUBLE SAYS PASSING ESM TREATY TAKES TIME
ES is exactly at VWAP and IG/HY spreads are widening well off their intraday tights.
UPDATE: Translation by Peter Tchir of TF Market Advisors
No intention to increase EFSF - translation - EFSF isn't growing
Employed in "efficient" way - translation - defending countries that can be defended and not throwing more money after bad.
Good to have ESM fund earlier - translation - a rescue where countries other than Germany and France put up at least a little money. One where Italy contributes at least a little, rather than just takes
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