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EU leaders drop demands for investor writeoffs…

Bloomberg

Un-Fing-believable… These guys just never lose, never pay for their crimes and risky wagers, and never do a damned productive thing.

Excerpt:

“As regards private-sector involvement, we have made a major change in our doctrine: from now on we will strictly adhere to the IMF principles and doctrines,” EU President Herman Van Rompuy told reporters at a briefing. “Or, to put it more bluntly, our first approach to PSI, which had a very negative effect on debt markets is now officially over.”

That marks a defeat for German Chancellor Angela Merkel who wanted to expose bondholders to losses in debt restructurings as her electorate resented writing the biggest bailout checks.

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