> At some point he does say that Capitalism is the only
> system in which debts are never forgiven.
Never? Bankrupcy? Default? Writedown? 100B Euro? Never?
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By Associated Press, Updated: Wednesday, May 2, 11:53 AM
ATHENS, Greece — The Standard & Poor’s ratings agency lifted Greece’s credit grade out of default on Wednesday after the country completed a major debt writedown with private creditors.
It upgraded the country from selective default to ‘CCC’, still in junk status, and gave it a stable outlook, which means no further ratings changes are being considered.
Athens finalized its bond swap, the largest in history, on April 25. The deal wiped €100 billion ($132 billion) off Greece’s debt and saw private bondholders take a cut of about 75 percent on the real value of their investment.