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A phone call to Germany’s debt office on Monday, February 10, went unanswered. It’s Rosenmontag, at the climax of the German carnival season, and all the staff responsible for borrowing on behalf of the Federal Republic of Germany are in the streets of Bonn enjoying a Rhineland carnival parade. The nation’s Dm54 billion ($32 billion) borrowing programme for 1997 is on hold until the next day. Although few countries borrow as much on the capital markets as Germany does, few spend so little doing it. |
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