> I totally understand creditors need their money back.
No they don't. They took a risk and lost. Other times, they get paid handsomely for taking the same risk. That's how it's supposed to work.
No they don't. They took a risk and lost. Other times, they get paid handsomely for taking the same risk. That's how it's supposed to work.
Letting banks go bust will be though at first, but it's the only thing that will let the economy work properly in the long run.
I'm not an economist, but I don't think that, in the case of Greece, the "house" (whatever it stands for) was used as collateral.
I don't think there really was any collateral. I guess lenders just hoped that Greece would pay back, or would be pressured into paying back.
At least, I hope not.