Fitch has given the ESM, which reportedly became “operational” today, even though the Eurozone members will take years to full its coffers from today’s €200 billion to the desired €500-600 billion, an AAA rating. The European (hey, what happened to Emergency?) Stability Mechanism needs this rating in order to sell bonds. Sinceeurobonds are not deemed acceptable by too many parties involved, the new pride ofEurope will start selling … right, eurobonds, just under another name.
Read the fullarticle at my colleagues excellent blog at : http://thepressnet.com/2012/10/09/euro-zone-bailout-what-could-possibly-go-wrong/