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I can't remember if NAMA ended up on the official deficit or not? If they construct the SPV properly and browbeat the statistical agencies properly then they can take on all that debt without it being part of the deficit. Cunning, eh?
by Colman (colman at eurotrib.com) on Mon Dec 19th, 2011 at 09:18:04 AM EST
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This is 2011, not 2008. After the EFSF it's become clear nobody in their rightmind is going to touch an off-balance-sheet government "vehicle" with a 10-foot pole.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 09:33:50 AM EST
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There are people involved who are in their right mind? Can we put them in charge?
by Colman (colman at eurotrib.com) on Mon Dec 19th, 2011 at 09:51:43 AM EST
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Maybe. No.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 09:55:22 AM EST
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