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The pattern repeated "in Latin America and other Third World countries after Mexico announced that it could not pay its foreign debt in 1982." Write-downs followed in Brady Bonds, "applauded" at the time "as a success story."
Today, it's a different story, countries like Iceland, Greece, Ireland and others told pay up or else, and accept "a generation (or more) of austerity, shrinkage and emigration."
Their choice, of course, is neoliberal bondage or freedom. Icelanders chose the latter in March 2010 and again on April 9. It's now up to their government to serve them or sell them out to UK and Dutch predators. Don't bet on it doing the right thing.
Stephen Lendman lives in Chicago and can be reached at Email address removed. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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