The devil was in detail of promissory note deal

The deal's structure had been on the table for months, and final negotiations involved edging around the legal need for the ECB not to provide 'long-term financing'.

17th February, 2013

Many aspects of the discussions leading to the promissory note deal remain off the public record. However, based on what is known to date, as well the constraints faced by the ECB, it is possible to draw some reasonable inferences as to the main issues at stake and how they were dealt with.

It is also clear, from last Friday's remarks by Bundesbank president Jens Weidmann, that not all ECB governing council members were happy...

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