A one-liner, but from one preferred creditor to another…
Directors agreed that the ECB will have to continue to play a role in the crisis response, including through liquidity provision and securities purchases. A few Directors also noted that clarifying the seniority status of sovereign debt holdings by the ECB would help address market concerns.
That (and a reiterated call for the ECB to conduct QE using purchases of eurozone government bonds – presumably not on a senior basis) in the IMF’s full euro area Article IV study.
Principle write-downs in PSI - FT Alphaville