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No, actually, I don't think that's sensible. It's also contrary to core EU principles and would be challenged it the European Court of Law.

However, as an initial threat in order to bargain down to a sensible position it might make sense.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 06:01:49 PM EST
[ Parent ]
Distinguishing between foreign and domestic creditors does make sense: Foreign creditors have a second safety net in their own government; Irish creditors have no such thing. And as a practical matter, Frankfurt and Bruxelles are going to be a lot more sensitive to British, German and French creditors than to domestic Irish creditors.

If the powers that be do not want German taxpayers to bail out Greek sovereign bonds, then there is no reason for Irish taxpayers to bail out German pension funds.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 02:09:57 AM EST
[ Parent ]

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