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Anything that smells remotely like the pooling of debts within the eurozone is off-limits for political debate in Germany, at least before the autumn election.
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Pooling of debt could come only with pooling of sovereignty and responsibility, she said.
A one-off pooling of debt could arrest the run on sovereigns.
Speaking in Luxembourg, he added, "By beginning with pooling of debt, we're heading toward a dead end".
The pooling of debt has de facto already begun with the European Stability Mechanism, the emerging banking union and the ECB's Outright Monetary Transactions programme, which already affect the taxpayers of the eurozone to one extent or another.
There is no pooling of debt and the summit did not expand radically the sums committed to the two bailout funds, the European financial stability facility (EFSF) and the European stability mechanism.
Thus, the ongoing debate about pooling of debt founders less on practicalities than the categorical imperative that those who have been careful with their budgets should not have to help those who have been careless.
The short answer: It's the formula used to figure out the risk in a pool of debts, like a mortgage-backed security.
These include pools of debt securities such as mortgages.
(These new instruments could be pretty exotic: some consisted of C.D.O.s of C.D.O.s, pools of pools of debt).
The shortfall is significant because Barneys has two important pools of debt that will start to come due in 2003.
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