"The BIS today released some very interesting new data (pdf) on the exposure of various parties to debt issued by the PIGs (Portugal, Ireland, and Greece). There is a lot of good stuff in this data -- particularly what it tells us about who is betting which way on a default by one of the PIGs. Let me first make three observations."


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Comment by Fredrick Lindner on June 12, 2011 at 6:27pm
A cautionary tale.  It is my understanding that Greece did not correct any of their national employee pensions or of their other national expenditure exposures.  They just took the money to keep in business for a few more years.

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