[lbo-talk] Debt

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Wed May 2 16:09:48 PDT 2012


Dennis Redmond writes:


> After all of which, Greece's unpayable debts are still
> unpayable ...

I don't have an opinion on the long-term possibility for recovery. I do think it's more likely today than it was two weeks ago.


> but the risks are all transferred to the public, no?

Well, some risks have been retired. 100B Euro worth. That's not nothing. But in exchange, yes I would say that the public is more on the hook this time. Whether that means anything real or not seems difficult to discern. How much of the result of a default would have been borne by "the public" anyway?

It does seem clear to me that unless/until the Greek people take their country back, potential solutions (like enforcement of existing tax laws, for instance) remain elusive.

/jordan



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