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| Re: Boehner walks away, gives up on debt negotiations with Obama (814674) | |||
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Re: Boehner walks away, gives up on debt negotiations with Obama |
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Posted by AEM-7AC #901 on Sat Jul 23 03:21:33 2011, in response to Re: Boehner walks away, gives up on debt negotiations with Obama, posted by SMAZ on Sat Jul 23 02:51:13 2011. I wanted to laugh at the attack on Italian bonds a couple of weeks ago.As others may have noted, everybody is freaking out about the PIIGS ability to pay back their loans. Mind you, Ireland is technically solvent, and had it pulled an Iceland, it may have escaped like Iceland did*. Spain is spooky because of the fact that nearly a two-tenths of the population is out of work, while Portugal and Italy have had anemic growth which leads some to wonder if there's any room for them to pay their debts in the future given future entitlements. And Greece is pretty much Sicily without the North to subsidize it, and even worse supporting economics. A few people have argued that most Western nations will simply never be able to do anything other than service their debt in limited cases, and that even Germany will default in the long-term. *Although, some would argue that would simply lead to a collapse of the Euro and the banking system once people would actually have to pay out on the various CDSes out there... |
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