It's a public-sector debt writedown. You no longer owe the debt to the creditor.
It still exists somewhere, someone has to pay for it - much like those people who had their student load debt forgiven. Someone is still on the hook for that money.
It's a public-sector debt writedown. You no longer owe the debt to the creditor.
It still exists somewhere, someone has to pay for it - much like those people who had their student load debt forgiven. Someone is still on the hook for that money.
Back in Europe didn't they do it a few times?
Back in Europe didn't they do it a few times?
It's got a lot of historical precedent - regime changes sometimes forgave the debt of the previous king/ruler/tyrant/etc.
It's got a lot of historical precedent - regime changes sometimes forgave the debt of the previous king/ruler/tyrant/etc.