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bank guarantees are criminally reckless

Then surely they will expect Spain to allow banks with large exposure to Portugal to simply default and be resolved in the case that Portugal defaults. But, clearly they don't. And it is criminal to allow a default on lightly capitalized German banks.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere." (But it helps!)
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Apr 16th, 2011 at 08:15:29 AM EST
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