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The 100 billion lent by the ECB is collateralised debt. We're talking about a default on unsecured debt.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 01:40:53 PM EST
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