pressure to cut deficits NOW is intense
if a big batch of debt goes off with these brutal coupon rates
if this were the ECB itself
charging and collecting this " default risk" premium
this is like the fire department threatening to set a developer's once and future
houses at its "gated comunity " on fire
while at the same time firmly suggesting
to any existing or potential home owners there
once the fires start we won't put any of them out
