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A government in the countries facing additional austerity will face a revolt in parliament and fall. A bank run starts and capital controls are instituted. After that nobody knows.

I just hope that we can salvage sensible parts of the EU (freedom of residence, common market, Schengen regime, ...) when we bury the hubristic overextension. that is not certain, but a great majority loves them.

by oliver on Thu Nov 22nd, 2012 at 11:56:05 AM EST
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