Incredible the obsession with debt, and debt burdens, when in the end reducing dent in a question of transforming debt into capital. Creditors just have to take an interest in the countries they where they have the credits, just like in "normal" bankruptcy.



Loans and Debts are the faces of the same coin, which takes us to the root cause of the problem, if there are too many debtors, there are to many lenders to, and a clear failure on the distribution system.



Regarding Europe, the author forgets the role of the ECB, and the fact that most of the debt is internal to Europe, so the solutions isn't that hard to find, we only need for the ECB to act like a normal central bank, and destroy the Debt he is holding.