The real economy has been surpassed by the financial or "paper" economy. The debts are too large.The cashflows o not support them, whether private or public. The Greek like contraction is coming to the globe in a "austere" type environment. The Spanish seem to now be front and centre. A program of sorts is needed quick or Lehman 2 is on our doorstep.
As Rickards recently tweeted, "if you think a bank is TBTF, what about a country?"
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