Viewpoint: Peter Coy
From Bloomberg Businessweek: “There is still a presumption that blood can be squeezed from a stone. That’s true in the U.S. housing market...
“There is still a presumption that blood can be squeezed from a stone. That’s true in the U.S. housing market, where banks continue to insist that they will be able to collect full repayment of wacky mortgage loans that they never should have made in the first place. And it’s true in Europe, where creditor nations and banks are dragging their heels on writing down the sovereign debt of Greece, Ireland, and Portugal. Why does this matter? Because debt—public and private, foreign and domestic—is the No. 1 issue of 2011. Getting the global economy moving again means accepting that some debts will never be repaid—and the sooner they’re forgiven, the better.”
Peter Coy in Bloomberg Businessweek