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In
the context of the eurozone's sovereign
debt crisis and the US subprime mortgage
crisis, this article looks at the question
of how the losses ought to be distributed
between borrowers and lenders in cases
of debt resolution. The author points
out that it is unlikely that debtors can
fully bear the losses in a debt resolution.
It is argued that the behavior and policy
of creditors is just as important a factor
to consider in assessing the situation.
November
9, 2011.
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