Europe

[gaelic cowboy]

I am guessing this is government debt though, right? While not merge all the debt into the national bank (for example, Bank of Ireland and Bank of Spain), and where there is interest involved, make the required adjustments, to cancel out the lessers debt.

This has happened already the Government is now the full owner of Anglo Irish Bank this bank is the epitome of the credit crisis the mention of it drives people into a frenzy of rage here. Bank of Ireland and Allied Irish Bank are having there toxic debt taken off them by NAMA and they will recieve cash injections too if they require it which is likely. However thay have been given till the backend as we call it here to come up with there own money so they will likely sell prized banking assets in US, Uk and Europe.