Greece Debt Relief - is this going to help the citizens?
The problem with selling sovereign debt to the private sector is that countries may end up finding themselves being held to ransom by better equipped and more experienced distressed debt funds, who are rarely willing to accept a haircut.
Argentina found this out the hard way last year, and now it looks as if the EU is facing a similar problem. Granted, the EU is not threatening to withhold funds, but the dynamic between the EU, ECB, IMF and hedge funds is interesting all the same.
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