Apparently Greeks are becoming real pros at accumulating great amounts of debt

without means of paying it off. As far as 2,500 years ago they got in dire straits

when they borrowed/ mortgaged lot more than they could prudently manage.

Borrowers were with whole families taken as slaves inside and even outside Greece.

When they finally had enough misery they turned to Solon one of seven wise men

of Greece and gave him a free hand to get them out of the mess.

He instituted a number of reforms. He inacted number of laws that stoped practice

of taking debtors into slavery upon default on loans/mortgages. Already enslaved

people were immidiately freed from slavery ( including their families) and what is

more important their debts were written off/forgiven.Slaves taken out of country

were returned to Greece as free men. Today, without writing off at least part of

the debt there is no hope that they will be able to service it.

With every restructuring their principal grows and interest rates become more

punitive.

Someone said once that debt is always paid off either by the borrower or the

lender/creditor. In this mess there is more than enough blame on both sides.

Lets hope that Noront is far more prudent than the Greeks are.

GLTA,

Fossil