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Greeks may restructure debt

From the “duh” files.

The Greeks reject a debt restructuring out of hand. The European Central Bank fears that such a move will spread financial panic. And, meanwhile, the European Union and the International Monetary Fund insist that their recipe of bailouts combined with sharp spending cuts makes restructurings unnecessary.

Nevertheless, the notion keeps popping up that Greece, and perhaps even other weak European Union countries like Ireland and Portugal, will be forced to restructure.

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