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... are betting that by the time the periphery gets around to defaulting or devaluing, they will have shifted all the periphery's debt to the German government.

Which is why defaulting sooner is better than defaulting later.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Apr 10th, 2011 at 05:25:29 PM EST
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Defaulting sooner is better than defaulting later...for the people, not the banks.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Apr 10th, 2011 at 07:38:20 PM EST
[ Parent ]

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