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Short-Lived Euphoria in Europe
by Dr. Mark W. Hendrickson
Thursday, Oct. 27, 2011, was a giddy day for European politicians and global investors. European Union officials announced a plan for addressing the EU’s worst financial problems. There would be a partial write-down of Greek sovereign debt—a 50 percent haircut for private bondholders, but no haircut for governmental creditors (the political class looks after its […]