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Time to persuade Europe debt write-down is needed

Comments

  • #2
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    We need to restructure the debt but we can't negotiate a restructure effectively until we no longer need to borrow for day to day spending.

    Fix the deficit, then restructure the debt.


  • #3
    Euroland
    Closed Accounts Posts: 634 ✭✭✭Euroland


    gabhain7 wrote: »
    We need to restructure the debt but we can't negotiate a restructure effectively until we no longer need to borrow for day to day spending.

    Fix the deficit, then restructure the debt.

    Disagree. We should separate 2 problems:

    1) Private bank debt

    and

    2) Public borrowing for covering budget deficit.

    And on the first one we can discuss defaults/bankruptcy/restructuring right from the start, while on the second one we still do need to work hard for minimizing public spending.


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