When the German Bundestag recently passed a motion to support a second Greek bailout, a key condition was that the Greek government convince 95 percent of private owners of the country’s bonds to accept around 30 cents on the dollar for their holdings. This is from a country whose economy has been in recession for several years and where civil discontent is on display daily. Needless to say, the resounding feeling around Europe has been that the latest bailout is merely a stay of ...
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