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To: PaulM who wrote (13614)6/21/1998 2:18:00 PM
From: Alex  Respond to of 116782
 
The extent of the bad debt is unprecedented in world financial history -- roughly equivalent of the GDP of France. To eliminate it means a program of bank closures, the shutting down of insurance companies and other financial institutions, the forced sale of land, building and other assets, the closure or amalgamation of industrial firms and corporations. Unemployment, already at a post-war high of more than 4 percent, would soar to double-digit levels.

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