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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a political cartoon to illustrate the thesis that honesty regarding debt repayment leads to market exclusion.",
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      "text": "The only thing that separates Greece from France, Ireland, Italy, Portugal and Spain is that the Greeks openly admit that they can’t repay their debts, while the rest remain silent.",
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      "text": "Not one of them plans to repay its debt out of tax collections. Greece’s loss of access to the capital markets is a heavy price to pay for its candor.",
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      "text": "In Europe, we can see Greece being taught that \"Honesty is NOT the best policy.\" Let’s play a game... Can anyone name a European country expected to run surpluses sufficient for it to pay its debt out of its tax revenues?",
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      "text": "The only thing that separates Greece from France, Ireland, Italy, Portugal and Spain is that the Greeks openly admit that they can’t repay their debts, while the rest remain silent. Greek 10-year debt yields more than 10%, while all these other countries have lower rates than the U.S.",
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