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By Desmond Lachmann
Published: May 30 2011 22:24 | Last updated: May 30 2011 22:24
Changing horses midstream is generally a risky proposition. Trying to do so in the midst of the eurozone debt crisis, where the economic and political stakes could not be higher, could prove especially hazardous. It will be even more so if careful thought is not given to the ramifications of the partial debt restructuring proposals that are now being happily bandied about.
The IMF's virtual admission that its â?¬110bn Greek bail-out programme is badly off track has sent European policymakers scrambling to explore alternatives. So have persistently high market interest rates for European peripheral debt, which underline the market's growing conviction that large sovereign debt writedowns for the European periphery are only a matter of time.
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