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Greek prime minister admits return to bond markets in 2012 unlikely, further aid


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Appears to me that we are in uncharted territory; I wonder if the EU has the ability to sort out Greek/Irish/Portugal debt problems.


Regarding Greece, it is clear to me the country will not go much further down the austerity road (i.e. slash spending, increase taxes); at least it will not do this on its own. Looks to me that the only real solution is for Greece to leave the EU and then to pull an Iceland. Problem with this solution is Ireland and Portugal would likely not be far behind. Perhaps the EU will do what the US did and first bail out the banks and then reduce the loan balances.


Hard to see how this is solved without a severe shock to the system.

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