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Or Ireland, or Portugal. If any one of them publicly defaulted on a significant portion of their debt it would likely take down numerous banks in the EMU core. But the default would likely need to be public in order to prevent selective "extend and pretend" from being continued and to exceed the reach of "regulatory forbearance".  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu May 12th, 2011 at 10:35:09 AM EST
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