Learning A Harsh Lesson - Mark Grant

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So the next crisis, the sovereign debt crisis, will occur when some country's debt cannot be paid and when some funding country refuses to accept the bill for their own citizens. The yield on anyone's debt, first dismissed by the EU as unfair and now heralded as a sign that things are improving, is little more than a charade of masks. The yields have fallen because of the free-flowing paper that must be parked somewhere. Yet whether the yield is 4.00% or 7.00% if the principal cannot be re-paid then the coupon is of little consequence.