Um post muito interessante no Alphaville:
"Cailloux & Co expect the crisis to continue and threaten the entire euro area because policy makers still don’t understand market dynamics. A Greek debt swap might bring temporary relief but investors will soon refocus on the systemic issues, they say.
One possible bond buyer is European Financial Stability Facililty (EFSF) or its successor the European Stability Mechanism (ESM). But given the systemic nature of the crisis Cailloux says they would have to be increased in size to 3.45 trillion and 3.0 trillion respectively.
Needless to say, that wouldn’t be politically acceptable.
Which means President Trichet and successor Mario Draghi are the eurozone’s only hope."