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Good proposal by Varoufakis and Holland, but the problem remains of finding an appropriate governing structure for the issuer of European Bonds. The mechanism could likely solve the present problem, but would certainly be gamed and could lead to a bigger blow-up in a future round of crises.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 13th, 2011 at 10:59:29 AM EST
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