Europe

[Beskar]

it is the transfer of risk that is the problem, why should one nation internalise the risk of another by assuming the burden of their debt?

Well, they owed money anyway, having that cancelled or reduced is always a good thing, isn't it? All my money is in savings and I have no loans outside of my Student Loan. If it turned out the Student Loan company owed me money, wouldn't it simply be easier just for them to reduce it out of the loan I got from them, which ultimately just means, I pay less on that loan, as ultimately, this reduces the debt already got, it can only be a good thing.

and are the private creditors will to have their debt restructured?

and are the national economies willing to effectively print another £200 to act as a guarantee on the debt now owed to private lenders?

I am presuming this is the governments debt to private lenders (my whole talk is on about the government/states debt). I would say "Don't do it", akin to when a 'very nice man' is willing to offer you a loan.


I was always taught that "Debt is bad" and being honest, it is bad. Only times debt is justifiable is in those cases where you have to dip into it, such as when you want to buy a house, or perhaps help you through university. If you go into debt because you simply want to buy an xbox360 or go on a pub night out, you need a slap. It is amazing how many people go into debts over things like that, then they cry and whine the 30% APR they now have to pay ontop of the original costs. This is where the concept of "savings" come from. You do your hard-work, then you get your reward.

As such, if I was the Chancellor of the Exchequer, you would see Britain coming out of debt and getting "savings", which might go into doing investments or perhaps loaning myself. However, Britain would never lend more than it can afford to lose, as such, we would have an amazingly good looking bank balance.