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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (5328)12/21/2001 3:21:39 AM
From: macavity  Read Replies (1) of 33421
 
I do not disagree.

My view is that bondholders have to take responsibility for their investments. The contract is between issuer and holder. As always the world governments will use tax-payers money to sort out this mess.
The country cannot pay the interest, forget the principal. There is no difference between buying eToys in Mar2000, and buying bonds from a sovereign state that has this sort of cashflow problems. The difference is people 'believe' that things will be done to get Argentina out of it, the free put option. They are probably right.

I would just wish that the Powers That Be would let people suffer the consequences of their actions, whether they buy dot-bomb stocks or give money to entities that have no means of paying it.

- macavity.
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