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Debts that can not be repaid will not be repaid. Attempts to repay them that involve throwing a qualified majority of the citizenry into abject poverty will create a constitutional crisis.

If the sanity-based side wins that constitutional crisis, Spain's creditors will be told to fuck off. If the insanity-based side wins the constitutional crisis, there will be another one, and another one and another one, until either the sanity-based side wins or the insanity-based side starts rounding up dissidents and shooting them.

For a federal republic like Spain and Germany, loss of territorial integrity becomes a credible scenario if the federal and some local levels end up on different sides in the constitutional crisis.

One way or another, the Spanish body politic will be writing itself a new constitution before 2050.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Aug 29th, 2011 at 04:21:18 PM EST
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