We agree the world does need an international bankruptcy court for sovereign debt. Complicated to implement, however. Nevertheless, clear rules on recourse for creditors and relief for borrowers would limit the economic damage of sovereign panics.
Around the world protesters spent Debt Cancellation Day making a simple request — honest discussion regarding the moral legitimacy of the massive debt that is forcing widespread economic hardship.
– Ramin Mazaheri, Press TV, Paris
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The people in power were aware, according to Mohd.El-Erian,” Greece is not a liquidity problem, Greece is a solvency problem”, yet Greece was given billions of Euros in loans.
I think there is a very strong case for the EU leaders be taken to the International Criminal Court of Justice.