To all those willing to part with their country's (or their own) hard-earned cash to fund more experimental and unfounded financially-engineered debt for the nations of the union in Europe, the EFSF's Regling has prepared a 30-page investor presentation. The slide-deck explains the machinations, support, and payback (highly liquid, regular issuance, broad yield curve coverage) of this great and good grand ESM plan that will - no doubt - save the known universe and fund Europe across one more bridge. This time it's different - with all its 'paid-in' capital and promises - should any nation decide to abdicate its sovereignty. Hhmm, no mention of 2x leverage...
We hate to say this but it just doesn't seem so compelling...