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the auction was oversubscribed anyway

Which means Greek debt wasn't as much of a problem as the business press would have had us believe?

Or that the romour-mongers had successfully lowered the price of Greek bonds while at the same time coercing the politicians to more or less commit to helping Greece, so that speculators could take part in the auction at a substantial discount, hence the oversubscription?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Mar 12th, 2010 at 06:03:04 AM EST
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