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By the way, Munchau makes it sound like Greece is doing Ponzi finance:
Greece needs to raise around €50bn ($68bn, £44bn) in finance for each of the next five years to roll over existing debt and pay interest.
since the implication is that Greece is paying its interest out of issuing debt...

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Mon Apr 19th, 2010 at 05:00:13 AM EST
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