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The current package secures a manageable interest rate for the country, but only by forcing it to invest a portion in bonds that are safer than its own.
Details remain sketchy, but sources in Madrid confirmed that a refinancing involving the ECB was the most probable way forward for a Spanish government that will have trouble raising €19bn itself at a manageable interest rate.
Mr. Pisani-Ferry believes that significant progress was made in raising the "firewall" of bailout money available to lend to vulnerable economies like Italy and Spain, which need to refinance large debts at manageable interest rates.
Firm in the belief that the press can be gored for easy political gain, the Bush Administration has set about reducing the status of the media (specifically, what it sees as the left-wing, Eastern-establishment media) to that of a pesky yet manageable interest group, nothing more.
So she responded to a TV ad for an agency promising to help her get out of credit card debt, and within days Michelle had a plan that included more manageable interest rates and a road map for eliminating her debt.
Loan consolidation lumps together all of your federal student loans into 1 loan with a manageable interest rate.
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Under the deal reached Monday, ministers laid out a range of options for making Greece's debt more manageable — including lowering interest rates on bilateral loans made to Greece by 100 basis points.
Whether they are right about 20% of revenue being the cutoff between manageable and unmanageable interest payments is an empirical question that their experience presumably informs.
The country needs a low cost of carry for this amount of debt to stay manageable, so low interest rates take on a red-alert policy emphasis.
It is a short-term solution and not even the best possible use of the central bank's resources, which should be used to buy government bonds from distressed economies like Italy and Spain to keep their interest costs manageable.
Yet European finance ministers were busy congratulating themselves last weekend for creating a robust "firewall" to keep the debt crisis from spreading, deter speculative attacks in the bond markets and keep interest rates manageable.
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