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Politics : View from the Center and Left

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To: JohnM who wrote (130850)	2/14/2010 12:40:46 PM
From: slacker711	Read Replies (1) of 542645

Aeolos, a legal entity created in 2001, helped Greece reduce the debt on its balance sheet that year. As part of the deal, Greece got cash upfront in return for pledging future landing fees at the country’s airports. A similar deal in 2000 called Ariadne devoured the revenue that the government collected from its national lottery. Greece, however, classified those transactions as sales, not loans, despite doubts by many critics. Greece sounds a hell of a lot like Illinois. The politicians have been busy selling off future revenue streams for the last few years. We are going to be in a world of hurt in a few years. Ultimately though, it comes down this.... “If a government wants to cheat, it can cheat,” said Garry Schinasi, a veteran of the International Monetary Fund’s capital markets surveillance unit, which monitors vulnerability in global capital markets. Slacker

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