How to Restructure PIIGS Debt: A Modest Proposal

Sudden Debt submits: With Ireland in political turmoil over its application to receive bailout funds, it is becoming obvious that we are getting caught between a rock and a hard place. On one hand, markets (a euphemism for the unholy alliance of public pension money and the private money of the ultra-rich) are no longer willing to roll over the existing debt of the over-indebted, never mind increasing their exposure, at anything approaching reasonable interest rates. On the other, austerity programs attached to bailouts are causing high unemployment, pay and benefit cuts, tax increases and service cuts. How long can this go on before things get seriously crushed, resulting in one or more massive unplanned defaults by sovereign borrowers, or massive social upheavals -- or both? It is my opinion that time is running out. A solution must be found, and the sooner the better.

Let's lay

By admin posted about 1 year ago

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