“Nothing whatsoever has been resolved, either in Greece, or in Portugal, or in Cyprus, or in Spain, or in Italy. Nor will there be under the current contractionary policy structure. There is no Deus Ex Machina. These nations will remain trapped in slump and mass unemployment until they take matters into their own hands, form a debtors cartel, confront the head-on gunboat creditors from a position of strength, and dictate the outcome. But first they have to defenestrate out their own cowed elites.”
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