France Joins Germany Ganging Up on Bondholders
November 11, 2010 at 10:33 AM EST
It does look like they are trying to cause markets to discount a very high probability of restructuring. Any restructuring losses are reductions in financial assets and ultimately deflationary, as former bond holders have less spending power. Unless the restructuring somehow results in more govt spending on goods and services, which, in this case, [...]