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How Bad Is Europe?

May 23, 2010

Where Does Europe Go?

An orderly restructuring of countries’ debt (Greece, Portugal,  Ireland and others?).

Forbearance to all European banks with ECB liquidity.

ECB liquidity lines that guarantee the rollover of government debt.

The UK and US will face more nightmares.  The United States will be the world’s safe haven, which will encourage America’s unprincipled politicians to spend more and increase debt.

The UK will suffer great pain from the euro devaluation and financial troubles, all made worse by its own large deficit and long term debts.

Nations will have to dramatically cut spending.

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