[Marxism] Default is in theair
lnp3 at panix.com
Tue Sep 20 13:27:39 MDT 2011
On 9/20/2011 3:20 PM, robert mckee wrote:
I got a chuckle out of the NY Times article on a possible Greek
"Willem Buiter, the chief economist at Citigroup, presents two
possible default outcomes. In the first, Greece forces private
sector creditors to take a loss on their bonds of 60 to 80 percent
but manages to stay inside the euro zone by keeping current on the
smaller amount that it owes its official lenders, like the
European Union and the I.M.F."
My wife works with a Greek economist at her NYC college who bought
Greek bonds about a year ago on the assumption that default was
unlikely and on the expectation that he would be getting a high
interest rate as is always the case with shaky bonds, either
government or corporate.
This guy is also an arch-conservative! Just goes to show you that
it is a mistake to believe your own bullshit.
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