Telegraph: Reports on the Banking and Government debt time bomb that could unravel in 2011. It has been predicted that either Portugal or Spain could go bust or both, the article notes that troubled Governments could have problems in selling their debt bonds. It is quite simple folks, there is to much debt, it would be in the interest of Ireland,Portugal and Greece to default on their debts and reconstruct future debts, the bond holders think they will be left out of pocket thus not keen to buy sovereign debt. The entire system to use a IT phrase needs a reboot, thus the debts have to be waved and a more secure debt structure created. Thus what do about the bond holders, they should be given tax credits and major allowances to make up for any major losses. In some cases they should not have to pay tax at all if the debt write off is off the chart. The above is fair and just might work folks.
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