Germany Caves In to Bondholders: Opinion
NEW YORK (TheStreet) — Less than two weeks ago, I wrote that Europe faced a clear, simple choice: “benign default” or hyperinflation . By “benign default,” I am referring to imposing a “hair cut” on bondholders — much like creditors always take a loss in any structured bankruptcy settlement. At that time, German Chancellor Angela Merkel had drawn “a line in the sand,” stating firmly that in …
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