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View Diary: Eurozone crisis blows up again (42 comments)

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  •  Theme of my comments: Compared to what? (5+ / 0-)

    If the choice to creditors is, "Take the new GIPSI currency or take nothing," I think they'll take the new GIPSI currency.

    Euro-denominated debt: convert to GIPSI-denominated debt at a fixed conversion ratio, then inflate the new GIPSI currency. Effectively partial default. Again, give creditors a choice: that or nothing.

    The name: the alternative kicked around for awhile was PIIGS. GIPSIs seems to reflect more sympathy for the debtors.

    "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

    by HeyMikey on Wed Jul 03, 2013 at 02:55:07 PM PDT

    [ Parent ]

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