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Such a downdraft in the casino business would probably entail a default on its debts.
FORBES: Default-risk bookies
But continually using the team as collateral to rack up personal debts that cannot be repaid without more leveraging is probably not a good idea.
FORBES: What The Dodgers' Bankruptcy Is Really All About
Italy, which has net foreign debt of just 21% of GDP, would probably escape the chop: even with its heavy debts and chronic lack of competitiveness, Mrs Merkel would reckon that the euro zone could not function politically without it.
ECONOMIST: The euro
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