"Of course, it would be even better if we had an institutionalized mechanism for restructuring sovereign debt."



As Paul Krugman has stated, we need to put the global economy into a medically induced coma until this crisis is over. The impact on major players will be similar to the debt hangover after WWII and the deleterious effects it had undermining currencies and encouraging inflation to write down debt. Far better if sovereign debt requirements are limited in the first place by an international freeze on all debt, public and private during this crisis.



I suggest that we institute a forked international "debt calendar" which freezes before the end of April and then advances one day each day after the crisis has passed. By international agreement, all debts would be paid according to the new debt calendar. In addition, I suggest, that governments require landlords to pass their debt service reductions during this period on as reduced tenant rentals.



Virtually every nation, corporation and individual would experience reduced financial impact under such a plan.