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Just last Saturday, he described the final haggling over a buyback clause in his Miami contract extension as a formality.
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Barcelona said in a statement that the Serie A club agreed to the €12 million transfer, which includes an obligatory buyback clause at the end of the 2012-13 season when Krkic would cost the Spanish champion €13 million.
Morata would cost around £40m as Real Madrid are expected to activate their £23.6m buyback clause from Juve and listen to offers in this region for him.
He said that while he strongly believed that using collective action clauses in a buyback could achieve maximum debt reduction, such an effort would have required a financial commitment that Europe was not willing to make.
Both Wolfgang Schäuble, Germany's powerful finance minister, and Jörg Asmussen, who sits on the executive board of the European Central Bank, have spoken favorably about a buyback option, although they have not addressed the possibility of using collective action clauses to secure the best possible outcome.
It would not be a buyback.
The conditions for a buyback seemed propitious: the debt was trading at a 75 percent discount, there was a pool of holders ready to sell and, most crucially, the bonds were blessed with collective action clauses expertly tailored by Lee C. Buchheit of Cleary Gottlieb, the foremost legal authority on how to reel recalcitrant bond investors into a restructuring deal.
The insurer also authorized a buyback of $1 billion of stock.
Despite a buyback programme, some are now in Taliban hands.
When can investors expect a buyback or dividend?
Mr. Piëch is already seeking shareholder approval of a buyback.
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