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    #1

    Greece’s debtors

    Quotes from VOA News
    "Banks will be recapitalized with 100 billion euros. Greece’s debtors will be asked to write-off half of the debts, and the European bailout fund will be ‘leveraged up’ to about a trillion euros to try to cover other indebted countries like Italy or Spain."
    my question is:
    Is "debtors" supposed to be "creditors"? Because Greece is a debtor iteself, and I don't think debtors have the right to write off debt. I'd like to have teachers' opinions on this.
    thanks.

  1. BobK's Avatar
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    #2

    Re: Greece’s debtors

    Only a creditor can write off a debt.

    b

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    #3

    Re: Greece’s debtors


  2. BobK's Avatar
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    #4

    Re: Greece’s debtors

    You're right. VoA made a mistake*.

    b

    PS * Very probably. Given the Byzantine structure of modern financial instruments, I wouldn't rule out the possibility that both parties to a debt might be seen as both creditor and debtor. But when the music stops, Greece is the debtor - although there are claims that there were pre-existing debts owed to them. I don't have time to read the article - which might deal with such claims (which involve Greece having debtors).
    Last edited by BobK; 31-Oct-2011 at 16:34.

  3. BobK's Avatar
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    #5

    Re: Greece’s debtors

    PPS - i've read the article now; it's just a mistake.

    b

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