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Austerity measures induced social unrest in Greece via When Storming The Bastille Is Not An Option, The Parliament Will Do | zero hedge
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Austerity measures induced social unrest in Greece via When Storming The Bastille Is Not An Option, The Parliament Will Do | zero hedge
Italy is by far the biggest sovereign debt issuer in Europe in 2010 via Greci? Come si diceva… - Daniele Della Seta - FriendFeed
Source: Barclays Capital
Germany did, in 1948.
“They’ll probably go to the IMF, have a credible standby program and then aid from Brussels and bilateral aid from selected sovereign governments in Europe and the U.S. will be available,” Buiter said in a Bloomberg Television interview. “We could see the first all EU-15 sovereign default since Germany had it in 1948.”
Source: Almunia Says EU Ready to Assist Greece in Budget Plan (Bloomberg)
Ambrose Evans-Pritchard talks about Greece coming sovereign debt crisis, but could as well be talking about Italy:
Euro membership blocks every plausible way out of the crisis, other than EU beggary. This is what happens when a facile political elite signs up to a currency union for reasons of prestige or to snatch windfall gains without understanding the terms of its Faustian contract.