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That may be so, but it doesn't invalidate my central thesis that greatly expanded ECB lending to Portugal at low interest rates will enable Portugal to avoid Euro exit and recover, to some extent, in the context of an initially under valued Euro and a re-envigorated Eurozone more generally.  German surpluses have to be invested somewhere, and the trick is to channel them into productive investment rather than another property bubble.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue May 31st, 2011 at 07:24:53 AM EST
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