Euro Defaults Loom as Ponzi Scheme ‘Runs Out of Suckers’: Books
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Countries don’t go bankrupt, said Walter Wriston, the legendary boss of what is now Citigroup Inc. After all, he reasoned, they “own” more than they “owe.”
They do have a habit of reneging on their loans, though, as Citi learned the hard way when Argentina and more than a dozen other nations defaulted in the 1980s.