Thursday, July 21, 2011

Before today's decision by EU-Elites

Let's see what possible alternatives there are:

Debt forgiveness: hopefully not!

A new bank tax: hopefully not!

More money like in the past: hopefully not!

A complex financial scheme to convert bad paper into good paper: hopefully not!

Private sector participation: hopefully yes! (but not the way the French Plan stipulates).

Rescheduling debt: hopefully yes!!! 50% of the present debt should be rescheduled out to 20 years and interest on that should be capitalized and payable upon maturity! The remaining debt should be rescheduled out to 5-10 years with minimal interest payments during the first 5 years.

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