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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 455.37+3.1%Feb 6 4:00 PM EST
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To: Arran Yuan who wrote (68506)11/23/2010 6:30:44 AM
From: elmatador  Read Replies (1) of 220096
 
Unlike Argentina before it went belly up, Greece and Ireland have large primary deficits, which means that even without paying interest on their debt they still spend more than they collect in taxes. The deficit is about 10 percent of G.D.P. in each case.

So abandoning their debt obligations would not eliminate the need for cash, which would become all the more acute because their default would deny them access to international debt markets.

nytimes.com
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