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|User Info||The Game Is About Done; entered at 2011-11-23 12:25:28|
The question I have is what happens next?|
Of course the ECB is going to print, that's a given. But does France/Germany first kick out the Portugal/Greece, etc. and then print for themselves? Or does the ECB print enough to cover everyone for the next few months?
If it's the first option, then a bunch of PIIGS bondholders take an immediate hit, but the Euro stays a little stronger a little longer.
If it's the second, say goodbye to the Euro, hello inflation, but all the banks stay solvent in nominal euros...
Or do I have that wrong?