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It'll be interesting to see. States and cities in the US have defaulted on unfunded pensions in the past. It's one of the reasons we have defined contribution plans now.
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In the EU they'll receive endless bailouts
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Everyone thinks they;ll get endless bailouts, until they don't. By definition, unsustainable things come to an end.
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Yeah, but let us try it again. This time it's different
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They will receive it, it's just not gonna be worth what they're expecting.