Greece’s misery shows we need Chapter 11 bankruptcy for countries
by Heather Stewart from on (#9N2S)
Argentina defaulted in 2001, and is still not free of its creditors. There needs to be a clear resolution to the blight of vulture funds and neverending austerity
Alexis Tsipras, Greece's combative prime minister, is facing yet another week of fraught negotiations as he and his team struggle to agree a shopping list of economic reforms stringent enough to appease the country's creditors, but different enough from the grinding austerity of the past five years to satisfy the Greek electorate.
And all the while, bank deposits will leach out of the country, investment plans will remain on hold and consumers hammered by years of austerity will continue living hand to mouth.
The aim would be to impose a debt write-off significant enough to make future repayments manageable
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