If 50% Haircut Killed Look for Panic in Europe

UBS Kills Latest European Bailout Proposal: "Why A 50% Haircut On Greek Debt Will Not Work" | ZeroHedge

Alas, if the 50% haircut idea, which is now proposed by Germany (in diametrical contrast to a month ago), and staunchly opposed by France whose banks, unlike Deutsche Bank, have not been able to dispose of legacy exposure, is killed before it is even implemented, look for a spike in panic in Europe which will now have to redo everything from scratch.

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