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“The key difference here is in 2008 the banks had very little control in raising collateral to the mortgage-backed securities that were imploding the system from within. Today, with the sovereign debt concerns, the stronger EU members such as Germany and France will eventually play the remaining, yet powerful, existential card by bellying up to the plate and restructuring the debt in a manner that will preserve the system – or at least until the next inevitable crisis arises.”
“In a G20 communique issued on Friday, the world’s leading economies set themselves a six-week deadline to resolve the crisis – to unveil a solution by the G20 summit in Cannes on November 4.” – the Telegraph