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Historically that isn't true,

States have always been able to default on their debts, and other states have always been willing to lend to them again afterwards, as other states are the only game in town.

Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 07:09:03 PM EST
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