Most of our friends will already be aware of the problems and solutions however unpalatable they may be. Yet this short video is excellent and explains some very complicated issues.
As we have said before, it is easy to say: "write off the debt", the problem with that is who actually owns that debt. (Clue; it is not the banks)
UPDATE: this shows how bad the property crisis is in Ireland. I wonder what will happen when Spain starts to recognize similar issues.
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