Greek court writes off bank customer's debt

If it becomes widespread in Greece, I guess it would mean the banks would collapse, people would lose their savings, and no one would be able to borrow money? :dunno:
 
Could be. In the USA, let the Federal Reserve suck up the debt! :giggle:
 
Beowulf said:
Could be. In the USA, let the Federal Reserve suck up the debt! :giggle:
Click to expand...

No kidding. Considering how big the bailouts were a few years ago, don't you think they would have been better spent if they were to pay the mortgages off? It might even had put a dent in the declining value of the housing market.
 
Wirelessly posted (droid)

In the U.S., when a creditor forgives nonrecourse debt, the debtor is imputed income in the amount of debt. Ouch! Debtor pays taxes on it.
 
Back
Top