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Sooner rather than later, the extortionist bondholders are going to have to eat it. Germany can't bail out every single European bondholder at full value.
Like all extortionists, the payment keeps going up. First it's "give us our money or I kill the Irish economy". The money is paid and, the Irish economy gets it anyway. Then it's "give us our money or I kill the Greek economy". The money is paid, and...the Greek economy is snuffed. Now, it's "give us the money or I kill Spain and Italy!". Germany, looks around at all the dead economies, and says....they are already dead. Fuck off, we are going back to the Duetschmark.
That is what is going on right now. It is similar to Bear Stearns/Lehman Bros/Goldman Sachs/AIG liquidity crisis of 2007-08, but with sovereign nations in the balance.
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