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Still, there are bank runs. The fact that there isn't an interbank market means there are runs on most banks, being papered over by the ECB.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 07:25:09 PM EST
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