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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

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Apr 10th, 2011 at 05:25:29 PM EST
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