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PIIGS – Interconnected Headache

May 8, 2010 Business, Economy No Comments

Basically, there’s no way that Greece will not get bailed out.

Banks and governments in these five shaky economies owe each other many billions of euros — converted here to dollars — and have even larger debts to Britain, France and Germany. Arrow widths are proportional to debt amounts.

Links:
Europe’s Web of Debt, New York Times, 5/1/10.
What Happens if a Euro Area Government were to Default? by Wolfgang Munchau, Financial Times, 1/20/2009

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