{"id":2554,"date":"2011-12-06T19:47:00","date_gmt":"2011-12-07T00:47:00","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=2554"},"modified":"2011-12-06T19:47:00","modified_gmt":"2011-12-07T00:47:00","slug":"the-euro-zones-terrible-mistake-felix-salmon","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/","title":{"rendered":"The euro zone\u2019s terrible mistake | Felix Salmon"},"content":{"rendered":"<p>The FT is reporting today that the new fiscal rules for the EU \u201cinclude a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs\u201d&#8230;&#8230;The immediate result of this plan is that everybody will rush into the highest-yielding bonds in Europe, which is exactly what seems to have happened today&#8230;&#8230;In order for markets to work, lenders need to suffer when they make bad lending decisions. If the Europeans didn\u2019t learn from Ireland, couldn\u2019t they at least learn from the Fed\u2019s much-criticized decision to pay off all AIG creditors at 100 cents on the dollar? Blanket guarantees at par are pretty much always a really bad idea \u2014 and this one, if it comes to pass, will be the biggest one yet.<\/p>\n<p>via <a href=\"http:\/\/blogs.reuters.com\/felix-salmon\/2011\/12\/06\/the-eurozone%E2%80%99s-terrible-mistake\/\">The euro zone\u2019s terrible mistake | Felix Salmon<\/a>.<\/p>\n<p>Colin Twiggs: ~ More evidence of moral hazard: giving bond-holders an effective put against the EU. Perhaps a partial guarantee (e.g. 90 percent) would be more effective in containing moral hazard as the bond-holder still has some <em>skin in the game<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT is reporting today that the new fiscal rules for the EU \u201cinclude a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs\u201d&#8230;&#8230;The immediate result of this plan is that everybody will rush into the highest-yielding bonds in Europe, which is exactly what seems to have happened today&#8230;&#8230;In &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The euro zone\u2019s terrible mistake | Felix Salmon&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[450,962,1295,2367,3188],"class_list":["post-2554","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-blanket-guarantees","tag-debt-crisis","tag-euro-zone","tag-moral-hazard","tag-sovereign-debt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The euro zone\u2019s terrible mistake | Felix Salmon - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The euro zone\u2019s terrible mistake | Felix Salmon - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The FT is reporting today that the new fiscal rules for the EU \u201cinclude a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs\u201d&#8230;&#8230;The immediate result of this plan is that everybody will rush into the highest-yielding bonds in Europe, which is exactly what seems to have happened today&#8230;&#8230;In &hellip; Continue reading &quot;The euro zone\u2019s terrible mistake | Felix Salmon&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-12-07T00:47:00+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/12\\\/06\\\/the-euro-zones-terrible-mistake-felix-salmon\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/12\\\/06\\\/the-euro-zones-terrible-mistake-felix-salmon\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The euro zone\u2019s terrible mistake | Felix Salmon\",\"datePublished\":\"2011-12-07T00:47:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/12\\\/06\\\/the-euro-zones-terrible-mistake-felix-salmon\\\/\"},\"wordCount\":186,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"blanket guarantees\",\"debt crisis\",\"euro-zone\",\"moral hazard\",\"Sovereign Debt\"],\"articleSection\":[\"UK &amp; 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Continue reading \"The euro zone\u2019s terrible mistake | Felix Salmon\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2011-12-07T00:47:00+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"The euro zone\u2019s terrible mistake | Felix Salmon","datePublished":"2011-12-07T00:47:00+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/the-euro-zones-terrible-mistake-felix-salmon\/"},"wordCount":186,"commentCount":3,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["blanket guarantees","debt crisis","euro-zone","moral hazard","Sovereign Debt"],"articleSection":["UK &amp; 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He also said they had agreed to expand the firepower of the European Financial Stability Facility, the\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2232,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/20\/debt-crisis-contagion-the-euro-zones-deadly-domino-effect-spiegel-online-news-international\/","url_meta":{"origin":2554,"position":1},"title":"Debt Crisis Contagion: The Euro Zone&#8217;s Deadly Domino Effect &#8211; SPIEGEL ONLINE &#8211; News &#8211; International","author":"ColinTwiggs","date":"November 20, 2011","format":false,"excerpt":"The main problem of a Greek exit from the euro zone is not necessarily the direct impact on banks. I believe our government when they say that they would be able to get that under control. The real problem is the next domino. The crisis will spread unchecked to Italy.\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2585,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/08\/ecb-cuts-rates-to-1-0-pct-as-debt-crisis-rages-reuters\/","url_meta":{"origin":2554,"position":2},"title":"ECB cuts rates to 1.0 pct as debt crisis rages | Reuters","author":"ColinTwiggs","date":"December 8, 2011","format":false,"excerpt":"The European Central Bank cut its main interest rate by 25 basis points to 1.0 percent on Thursday as the euro zone's worsening debt crisis outweighed the concern over persistently high inflation. The ECB also reduced the interest rate on its deposit facility to 0.25 percent and the rate on\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1521,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/24\/europe-leaders-debate-severe-options-for-accord-wsj-com\/","url_meta":{"origin":2554,"position":3},"title":"Europe Leaders Debate Severe Options for Accord &#8211; WSJ.com","author":"ColinTwiggs","date":"October 24, 2011","format":false,"excerpt":"\"For the first time, I found the leadership of the euro zone focusing on the fundamentals here in respect to the situation arising from Greece, and the fear of contagion,\" said Irish Prime Minister Enda Kenny. \"There was clearly an understanding that the world is watching Europe and that there\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1704,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/01\/papandreous-hold-on-power-weakens-wsj-com\/","url_meta":{"origin":2554,"position":4},"title":"Papandreou&#8217;s Hold on Power Weakens &#8211; WSJ.com","author":"ColinTwiggs","date":"November 1, 2011","format":false,"excerpt":"ATHENS\u2014-Embattled Greek Prime Minister George Papandreou has called an emergency cabinet meeting later Tuesday amid an open revolt in his Socialist party that could topple his government. \"Papandreou is trying to control a growing revolt in the party after the defections and calls for him to resign. 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