The big risk is how long the new normal lasts. Been with us for three years. Bondholders have been told te probability of keeping the new normal is higher. Bondholder thinks that protecting current debt is best, and refuse to buy more.
I might suggest that the sovereign debt crisis might spiral, like a toxic waste, bouncing around as traders constantly try to find the safe aggregates. If this thing is going to land on DC, then we are better doing it sooner than later.
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