The fundamental point is that bailing out Italy and Greece by ECB, China or whoever is not the answer.. it creates a moral hazard for the next meltdown.
capital needs to move from weak hands to strong hands etc etc politics getting in the way of market forces will only make things worse IMO
I am out of ideas on how anyone is going to effectively solve this issue apart from Greece, Italy and other PIIGS to restructure their debts (not this half baked voluntary haircut idea)
cyclichigh's - doin' it nude thursday, page-152
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