HISTORY is repeating itself – and much more quickly than we seem to realise. The consensus view appears to be that Portugal, Italy, Greece and Spain – the PIGS – will by hook or by crook be given a bail-out if they need one, just as Dubai, RBS and AIG eventually were – and that this would be the right thing for the European Union to do. Yet these are dangerous and lazy assumptions that could end up costing investors and financial institutions
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Don’t assume Pigs will be bailed out
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