The incomes needed to repay loans have evaporated, and assets posted as collateral have lost value.

The borrower is thus more likely to be able to repay the loan, even if its product s price falls.

Everyone has known the truth that Greece can never service its current debt obligations in full but nobody involved in the negotiations would say it.

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After the property bubble burst in 1990, over leveraged companies were determined to pay down their debts, even when interest rates fell close to zero.

Again, it was a point of honor for governments to pay back such debts as they were incurred, whatever the sacrifice to the country.

Financial institutions that have come to doubt their borrowers ability to repay sell the debt to third parties at knock down prices, often for as little as five cents on the dollar.

Most important, compared to the US, the excess debt created during the boom years has been much more difficult to work off.

Ketika hari perhitungan datang di musim panas ini, para pemimpin di Tiongkok mengeluarkan 200 miliar yang merupakan cadangan devisa yang diperoleh dengan susah payah seolah olah berperan sebagai Knut yang Agung berupaya mencegah pasang surutnya kekalahan di pasar modal.

Indeed, a strong case can be made that development aid would be more effective if it took the form of outright grants, rather than loans that ultimately need to be repaid.

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The third lesson we learned is that policy matters. It really matters.

Instead of enforcing the no bailout principle and establishing a precedent, debtor countries used official loans to repay private creditors.

The bailout decision in 2010 transformed a normal commercial dispute between creditors and debtors one that always arises when debtors fail to repay into a dispute among sovereign states.

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