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kleinbl00 · 3576 days ago · link · · parent · post: Jeremy Warner: Austria is fast becoming Europe's latest debt nightmare
Well now I'm truly curious. Looking over the Wiki article it looks like they only do half their business within the EU. Not only that, but many of their creditors aren't in the EU. So if I understand correctly (big if) this move gives them the ability to shaft non-EU holders of debt. EU holders as well, but that's internal and all on the same currency so it'll shake out... but it seems like one of the least harmful ways to get the debt off the books. I mean, if you get to shaft Serbia, Pimco and BlackRock, you might as well!