Ottmar Issing:Germany is right: bondholders must pay

Miscommunication has accompanied Europe’s monetary union since the start. The economic crisis, however, has brought forth a Babel of voices. A recent example was the remark by Herman Van Rompuy, the European Union’s president, that the debt crisis would put the survival of the union in question.

Now, most observers would apparently want to put at the top of the list of mistakes the announcement that holders of government bonds issued after 2013 should take losses in the event of a sovereign debt crisis.

http://www.ft.com/cms/s/0/455eca64-fd85-11df-a049-00144feab49a.html#axzz16xIeII1S

 

Not that I necessarily disagree with Issing, but isn't he officially employed by Goldman as a consultant these days? Should he be expressing opinions, given Goldman is a mkt participant?

 

Better, Trichet finds the right ammunition of words in 5 minutes to address the media pack than Issing expressing opinions as a Goldman consultant....