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Juncker ‘Hoped For More’ As Italy And Spain (Oh, And Ireland Now) Get (To Share Same-Size) ‘Band-Aid’

from Zero Hedge:

So To Clarify: Dropped seniority and overseeing of ESM (unratified) and EFSF rescue funds (which will not be boosted in size) to fund not just Italy and Spain but Ireland too…conditioned on agreeing to EU banking oversight

UPDATE2: The Irish are all-in:

  • *IRELAND’S KENNY SAYS WHAT WAS IMPOSSIBLE IS NOW POSSIBLE
  • *IRELAND TO GET EQUAL TREATMENT WITH OTHERS, KENNY SAYS

UPDATE:

  • *MONTI SAYS EURO LEADERS HAVE NO PLAN FOR BOOSTING BAILOUT FUNDS
  • *ITALY HAS NO INTENTION TO `APPLY FOR THIS,’ MONTI SAYS

Early morning (drunk-dialing/texting) headlines from the EU Summit that there has been some short-term measures approved in terms of the removal of the seniority preference for ESM/EFSF rescue fund recaps of Italian and Spanish banks (though no details of the levels of dilution, cram-downs, or amounts have been discussed). The market, being as thin as it can be, is ripping higher on this realistically ‘not much’ news – though clearly someone ‘blinked’ a little. Headlines via Bloomberg:

  • *EURO LEADERS RENOUNCE SENIORITY ON SPAIN LOANS
  • *EURO LEADERS AGREE TO OPEN FUNDS WITHOUT AUSTERITY PROGRAMS
  • *BANKS CAN RECAPPED DIRECTLY WITH AID FUNDS, VAN ROMPUY SAYS
  • Read More @ Zero Hedge.com

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