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Reply #1: Greece only gets to default once, and that would not stop social cuts/tax increases. [View All]

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BzaDem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 06:58 AM
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1. Greece only gets to default once, and that would not stop social cuts/tax increases.
By your comments on deep money interests, I assume you are advocating that Greece default on its loans (as opposed to paying them back by cutting services and raising taxes).

Just keep in mind that defaulting on these loans doesn't really get to where you want to go. Defaulting means that Greece will be locked out of the world capital markets for years if not more. That by definition results in a cut to social services (or a rise in taxes) of approximately 13% of GDP.
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