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News Link • European Union

The Greek Default Was a Scam All Along?

•, by Staff Report
 Global banks see market rally on Greek exit ... Major global banks are advising clients to prepare for a stock market rally and a resurgence of the euro if Greece is forced out of monetary union, betting that world authorities will flood the international system with liquidity. Bank of America said EU authorities will pull out the stops to keep Greece in the system as they weigh the full dangers of contagion. Should that fail, it expects a series of dramatic moves ... Mr Bloom said the ECB is playing a game of chicken by waiting until it has secured maximum compliance from EMU's wayward states before coming to the rescue.

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