Will The Bigger Bailout Fund Work?

Short answer, no. Longer answer. A country that issues debt in its own currency should always have a default risk of zero. If I promise to give you Australian dollars in the future, and I also own a machine that allows me to instantly create infinite quantities of Australian dollars it would be absurd for [...]

Source: http://thinkprogress.org/yglesias/2011/09/30/332886/europe-doomed/

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