Each of the three negative features is associated with distinct consequences for both borrowers and lenders leading to stress in many cases. Of the three, on the face of it, loss of employment could be expected to have the most acute impact on a household’s ability to pay.
I don’t see a discussion starting in the Governing Council on PSPP inclusion before all the steps are taken on the European side and the IMF side, that is, before decisions are taken in the ESM Board of Governors and IMF Executive Board. Do you need the IMF on board or just need an up or down decision?