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Seniority complex

28 May 2012 By George Hay, Fiona Maharg-Bravo

Senior creditors were let off the hook in the last crisis. Now, with bank capital just as shaky and states even more cash-strapped, forcing losses on unsecured debt seems a no-brainer. But by the time Europe perfects its bail-in rules, there may not be enough bonds to haircut.

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