He says that one way the bank is doing so is by lending to state and local governments who lack the sovereign guarantee needed to borrow cheaply in markets.

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Given the groundhog day aspect to how the sovereign debt crisis has played out, there is of course no guarantee resolution will happen, or happen soon.

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The only way Greece was able to bring bond investors back to its sovereign debt late last year was in raising interest rates, with the near-guarantee that the International Monetary Fund was standing by to save investors and Greece from defaulting on its loans.

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