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Yet, the globalization of finance means that no major country goes unscathed by a GIIPS restructuring.
FORBES: Lessons For U.S. Bondholders In The Greek Debt Spiral
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Second, he needs to mark all GIIPS banks to market, imposing haircuts on non-depository creditors.
FORBES: Mr. Draghi's Dangerous Confidence Game
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Hence, GIIPS central banks can effectively force the Bundesbank, et al. to lend to GIIPS banks, non-banks, and households.
FORBES: Mr. Draghi's Dangerous Confidence Game
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First, he needs to orchestrate partial, but significant defaults on GIIPS debt that leave the GIIPS fiscally solvent even if their economies take years to recover.
FORBES: Mr. Draghi's Dangerous Confidence Game
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Taken together, these buts as well as the opacity of GIIIPS government and bank balance sheets provide private investors plenty of reason to steer clear of the GIIPS, thereby producing not just zombie banks, but also zombie countries.
FORBES: Mr. Draghi's Dangerous Confidence Game