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The American Empire in a Changing World



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Saturday, September 24, 2011

'Greek Crisis Comes 24 Centuries After First Default'

from bloomberg........

"History’s first sovereign default came in the 4th century BC, committed by 10 Greek municipalities. There was one creditor: the temple of Delos, Apollo’s mythical birthplace.
Twenty-four centuries later, Greece is at the edge of the biggest sovereign default and policy makers are worried about global shock waves of an insolvency by a government with 353 billion euros ($483 billion) of debt -- five times the size of Argentina’s $95 billion default in 2001"..........READ MORE

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