50+% Haircut - "Contagion Waterfall" Trigger Event to ECB Insolvency

The Dealbreaker: Barclays Sees A 50-60% Haircut As A CDS Trigger | ZeroHedge

Where it won't be a formality is for the ECB however, which has been avoiding reality, and which will have to remark its entire array of Greek bons from par to 40 cents on the dollar, which as Alex Gloy indicated earlier, will render the central bank immediately insolvent.

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