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A state with its own currency doesn't even need to issue debt. Running a large unfunded deficit probably has some drawbacks, but I suspect they are similar in nature to the unconstrained money creation by the financial sector that prevailed before the crisis.

Nur der Euro bleibt stehen - von Berlin bis Athen - Georg Kreisler
by generic on Tue Apr 13th, 2010 at 04:45:34 AM EST
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