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As lightly capitalized, if we can call it that, as some of the German banks appear to be, repudiation of even a $5.5 billion bond obligation, if it was leveraged 10:1 by the bank that purchased it and if it became public knowledge, could have serious consequences. Someone would want their $5 billion back and the bank's balance sheet would be down $5.5 billion from the "pray and delay" status previous to default.

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 Fri Apr 15th, 2011 at 05:10:49 PM EST
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