Comment: Soverign defaults - ask now or pay later

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Welcome to your New Year crisis! Just before Christmas, when all good folk were doing their bit to boost the UK economy with a bout of intensive retail therapy, two ratings agencies downgraded the rating of Greece's sovereign debt.

Not, perhaps, a credit event to put you off your Christmas turkey. Greece habitually sails close to the wind. But it was followed by a plea by Dubai for a "standstill" on the debt of two very large...

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