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Thursday, 23 February 2012

Gold pledge prevents drachma escape from euro

Greece has pledged its 111 ton national gold reserve to secure their second bail-out, according to Mineweb.  "The option of leaving the Eurozone and surviving independently has now gone", according to Julian Phillips, whose article I acknowledge.

This further loss of independence is likely to deepen Greek popular resentment of European creditors and broader Europe, and further inflame Greek social instability.

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