Merkel bashes the bondholders

The decision by the German chancellor to get tough with buyers of eurozone bonds spells good news for us, but it may be too late

27th November, 2010

German chancellor Angela Merkel seems to be talking sense. Last week, she reiterated her proposal that new buyers of eurozone bonds should accept liability clauses starting in 2011.

The German government has proposed that in the event of a sovereign debt crisis - such as the one being experienced in Ireland - the clauses would result in the payment period for government bonds being extended. If the solvency problem continued, additional steps would be considered, including...

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