Ann: Balai Cluster RSC Project Finance Secured , page-24

re: Ann: Balai Cluster RSC Project Finance Se... My view is that the ECB will be permitted to take extraordinary action to intervene on the secondary bond markets - directly with Spain, and if required Italy (though one would expect that if there is intervention in Spanish bonds, Italy's would follow the trend down). If the Germans turn a blind eye to secondary bond market intervention, and bond yields fall in these two countries, and a definitive roadmap for fiscal integration is announced, this meeting would be seen as a success in the market which has no expectation of any sort of outcome. It's in no EU nations' interest for Spain or Italy to default, including Germany.