I have heard that Argentina defaulted on its debt in 2002 yet my recollection is that The Economist has had some good things to say about its economy. Iceland also hit troubled times and let its investors face write offs yet an Economist article on Ireland cagily suggested that Ireland could learn a thing or two from the way Iceland handled its crisis.
It seems that all the “experts” are suggesting that the debts be written off. Yes, the lenders (read your pension funds and rich bastards) will lose out in the short term but perhaps this is no worse than dragging the problem out for years and arriving at the same conclusion years later.![]()
