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pension funds

How Senior Is Senior?

In the early 1930’s Newfoundland – until that point a sovereign state – was struggling to repay its loans. Rather than default and face the wrath of the British gunboats, it was agreed that the country would be controlled directly from London. Fortunately things have moved on and debt now ranks below a nation’s sovereignty in times of default. Banks are not so fortunate; they aren’t protected f…

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