Thanks for sharing. I read the article. It's mostly explaining what happened until now and how we got here. What I don't quite grasp is the way out of this today.
Maybe someone with financial background might explain. How will debt restructuring be able to just erase most of the debt servicing the finance ministry is obliged to pay?
When the ministry tries to attract $$ on the market without the interests the market wants for such a risk, they just won't find any buyers. The longer dated the bonds, the higher the interest they ll have to pay.
The whole point that there is no way out of this at least not with the current international financial system because we aren't supposed to get ourselves free from this!
Correct me if I'm wrong but our deficit spending relies on these loans.. ye3ni in other words your country is not even taking these loans to invest in the country but to survive ye3ni to consume only by paying rents, salaries, fuel etc. Which is a recipe for economic catastrophe.
Even a kid knows that taking loans for daily living survival to buy groceries, paying bills is not gonna end very well..
Loans should be only taken for investments to make revenues so you can at least pay off these filthy interests and eventually make money.
The main difference here that with private loans the borrower would eventually end up with bad credit and wont be able to take loans anymore at least not very good ones. The borrower might still be able to take SMS loans AKA "Quick Cash" which a trap to fck you up.. maybe this is where we are at (the country) in that sense if you know what I mean
For some reason and I'm sure the lenders have a very, very good reason why they keep lending these corrupt governments on and on (Paris 1, 2 ,3 X, XI, XII)!? If anything they have done it is ripping us off and postponing our crisis since the early 1990s to even make it worse than it used to be. Instead of allowing us to deal with our internal crisis!
We are simply tied up now and there is no out from this debt bondage!