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    There is a short term option sort of the 2 medium to long term options that Barry outlined

    Sadly it is probably just as unpalatable to the Germans

    This option is to buy Greek, Portuguese, Spanish and Irish Treasury bonds at the the heavily discounted rates they are available and then wipe out the discount; at a "swipe" reducing the PIGS debt substantially - fundamentally this means everyone takes a haircut across the whole market - but probably better than an early cold bath...

    This of course only deals with the current crisis, it doesnt deal with the long term disparity in economic power etc between the core and the fringes of the eurozone

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