We have updated our Terms of Use.
Please read our new Privacy Statement before continuing.

The seniority complex

14 Aug 2012 By Neil Unmack

If the ECB wants its bond-buying programme to work, it must reassure investors that it wouldn’t rank above them in a restructuring. But solving that problem could raise another one – accumulated losses for the ECB would amount to massive transfers within the euro zone.

This content is for Subscribers only


Email a friend

Please complete the form below.

Required fields *


(Separate multiple email addresses with commas)