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Cédulas plot their way through sovereign crisis minefield

Even if a path through the crisis is found, it seems unlikely that the cédulas market will ever be capable of making a return to the heady levels of five years ago. Slow economic growth, along with a banking sector that is quickly deleveraging and consolidating means that, once conditions stabilise, the eventual size of the market is likely to be a fraction of what it used to be. Bill Thornhill reports.

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