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Creditors should take their haircut

Published 08/07/2015

If you or I or a business got into a mess like Greece, there would be a simple solution - bankruptcy. This would cancel the debt, pay the creditors pennies on the pound and allow us to start again.

Bankruptcy is the pressure release valve for the capitalist system, which the designers of the euro forgot to put in.

What is happening is an exercise in puritanical morality, punishing the Greeks for a moral failure.

The Greek people are being punished, not those who committed the sin.

The creditors should take their "haircut" so that we can all move forward, rather than insisting on their pound of flesh.


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