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Deutsche Bank, et.al., have shown they could give a rat's ass about the EU Project® simultaneously they have shown they deeply care about getting their money back, with interest. If the euro goes ker-blewie the financial instruments denominated in euros has as much value as German bonds denominated in Reichmarks.
Skepticism is the first step on the road to truth. -- Denis Diderot
If the euro goes ker-blewie the financial instruments denominated in euros has as much value as German bonds denominated in Reichmarks.
No, if the -Mark goes boom, those instruments will have as much value as ones denominated in D-Mark, as long as you possess sufficient political connections to the German government.
Of course the rest of the Eurozone may well be a wasteland by that point, and the German economy may well find itself fresh out of customers. But the currency will be sound.
Austerity can only be implemented in the shadow of a concentration camp.
Clearly, a number of bondholders view themselves as quite secure on that count. They may end up being surprised, of course, but by then the rest of us will be too busy trying to keep our heads above water to have much fun pointing and laughing.
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