“Participation of private creditors in cases of insolvency is indispensable,” German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin today, ignoring warnings from credit- rating firms that his proposal to extend Greek debt maturities by seven years would be deemed a default. A working group set up this week is charged with “finding a good solution for the involvement of the private sector that can and has to be supported by the European Central Bank,” he said.”
As a result German Bund Rallies and the bonds of Greece, Spain, Ireland, & Portugal fall.
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