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It is interesting that Articles 123 through 126 of The Treaty on the Functioning of the European Union effectively outlaw all measures that could be used to prevent a default but do not outlaw defaults. This could be used as a cogent defense of a 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 Tue Apr 12th, 2011 at 09:29:19 AM EST
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