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But that was 5 years ago, and the fever has lengthy since broken. Greece is now seen because it ought to have been seen from the start – as a novel case, with few classes for the the rest of us. It is inconceivable for nations such as the US and the UK, which borrow in their own currencies, to expertise Greek-style crises, because they cannot run out of cash – they can at all times print more. Even within the eurozone, borrowing prices plunged once the European Central Bank began to do its job and defend its purchasers against self-fulfilling panics by standing ready to buy authorities bonds if necessary.
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