Bild, the German tabloid, covers all the angles. Here is a (slightly odd — we don’t think it’s sarcastic…) debt crisis panegyric to German chancellor Angela Merkel:
(“She’s the German housewife who will see the work gets done before she pays”)
Though we wonder how that squares with Bild’s recent acquisition of holdings in Greece’s €14.5bn March 2012 bond. It’s betting that the bond will mature at par without holdouts being coerced into PSI beforehand. The same trade has become particularly un-savvy in hedge-fund land in recent days, for a host of reasons: it’s governed under Greek law, thus vulnerable to legislative coercion, for one thing…
…Though mostly, investors are increasingly taking Powerfrau at her word that taxpayers won’t be picking up the tab for the bond. (Most recently she’s warned that she wouldn’t provide a bridge loan to pay off the March bond if PSI fails to reach a deal before that point.)
Sort of ironic, that.
Angela interview – Guardian