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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (378)12/1/2008 12:00:50 PM
From: pitbull_1_us1 Recommendation  Read Replies (3) of 50059
 
Slider..I have been reading about fear of emerging nations defaulting on their national debt loaned by mainly european banks.One nation (I forget which one)in particular was unable to pay the interest on its debt last month and was given till Dec I think to catch up.Are you aware of this situation and if so what do you think the end results will be if some of these nations were to default..Extremely bad for european and australian banking giants having loaned a very large % of their assets to these emerging nations but what about the euro and dollar.Do you see this default crushing the euro therefore further strength for the dollar or what.I have read where some european banks have like 60% of their assets loaned to emerging national debt where they count on oil revenue to repay the debt and 80% for some australian banks..Thanks in advance.
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