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Greek bailout talks end without breakthrough in Brussels

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By RAF CASERT and DEMETRIS NELLAS

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European Commission, IMF, European Central Bank, are about to preside over the world’s biggest sovereign default. .......The numbers are eye watering....German tax payers will lose more than 100 billion euros, the political damage to the Euro is incalculable.

A de facto and irrevocable fixed conversion rate will ensue because monetary union would not longer be a two side binding commitment, the soft core periphery countries will inevitably be caught in the spill over. What a mess.

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