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You see, we don't want a fiscal transfer Union from the centre to the periphery - its supposed to be the other way around... Index of Frank's Diaries
The whole damn point of buying back your own bonds at a discount is that this increases the net social wealth, because it removes a default premium (the default premium on bonds outstanding is a cost to the bondholder but not a gain for the issuer - by buying back the bond at a discount, the issuer gets to book the risk premium as a gain... but this doesn't cost the holder anything).
- Jake Friends come and go. Enemies accumulate.
It's insane, I know, but the insanity of the European economic establishment is what we have to live with. Economics is politics by other means
in the Greek case it's not that Greece is forbidden to buy back part of its debt in the going rate (at 70c to the Euro), just that it cannot use the Special Fund's money to do so.
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