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It is beginning to sound like a cracked report - the shortcoming of certain European nations to entry debt markets, speak of debt defaults and haircuts, ratings downgrades, and political stoushes between the European Central Bank (ECB) and European politicians. We've been caught in that groove for the past 18 months. First it was Greece asking for a bail-out with Ireland not far behind. Surprisingly, markets barely batted an eyelid when it was Portugal's turn several months in the past.
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