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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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