Whisper it softly, but there’s a touch of boom-era financial wizardry in the debate over how to resolve the eurozone debt crisis.
Some market participants liken the monetary union’s €440bn bail-out fund, the European financial stability facility, to a collateralised debt obligation, a form of bundled and structured debt made famous by its toxic connotations during the subprime crisis.
Where mortgage risk used to be packaged and repackaged to form esoteric, triple A-rated products, the EFSF relies on guarantees from euro-area members, some heavily indebted, to issue its own highly rated bonds.
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