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"It takes two to tango" is a poor excuse for predatory lending, even if it is to be expected that a loan shark will use it.

Let's be clear, what has been going on over the life of the Euro has been German export subsidies in the (EU-allowed) form of private sector vendor finance as opposed to the (EU-disallowed) government export subsidies.

The government subsidy comes at the end, when loans are guaranteed, lenders made whole, and political pressure brough to bear internationally to ensure the debt is collected.

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 12th, 2011 at 09:04:08 AM EST
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