Does Google treat .co as a generic TLD?

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There has been a lot of hype about the .co TLDs, there are many people posting that Google will accept them as the new .com, although it's the TLD for Colombia. Will Google treat the .co as generic like .com or .net or as a local TLD? Thanks Matt! Andrés, Costa Rica

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Tags:
google
.co
tld
seo