They would have austerity either way if they were unable to borrow at reasonable... | Hacker News

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		joonix on Dec 20, 2012 \| parent \| context \| favorite \| on: The economic return of Iceland has proved that the... They would have austerity either way if they were unable to borrow at reasonable rates following a default.

mpweiher on Dec 20, 2012 [–]

Following a default or possibly just a Euro exit: pre-Euro rates in the late 90ies were 10-25%!

http://www.stlouisfed.org/publications/cb/articles/?id=2264

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