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There are two dynamics at play.

  1. Often, for political purposes, people will say things they know are not true. "Greeks need to implement austerity measures..." as though Greece hasn't. "Greeks need to change the retirement age..." as though it hasn't.

  2. Papandreou promised privatization, whereas Junker wants collateral. Big difference. With privatization, Papandreou and Greece can refuse to sell if they don't get their price in the market. If you put up collateral, however, you allow a creditor to seize your assets.

The Greeks are refusing to put up collateral.
by Upstate NY on Thu May 19th, 2011 at 05:00:32 PM EST
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