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Anorak | Mario Soares: Portugal will never be able to pay its debts

Mario Soares: Portugal will never be able to pay its debts

by | 16th, April 2013

PORTUGAL PRESIDENTIAL ELECTION

THE Grand Old Man of Portuguese politics, too . Mario Soares says:

“Portugal will never be able to pay its debts, however much it impoverishes itself. If you can’t pay, the only solution is not to pay. When Argentina was in crisis it didn’t pay. Did anything happen? No, nothing happened,” he told Antena 1.

It’s not quite true that nothing happened in Argentina. It’s also not quite true that Argentina is the best example to use: for the did very much cock up what they did after the default. However, the basic point is well made.

When someone’s bust they’re bust. Whether it’s an individual, a company or a country. There’s just no point in trying to squeeze blood from a stone. If they cannot pay back their debts then they cannot pay back their debts. And that’s just it.

So, the solution is to agree, yup, can’t pay it back. So, we’ll have to come to some sort of a deal. Those who lent them money will lose some portion of the money they lent. That’s just what has to

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Posted: 16th, April 2013 | In: Money Comments (2) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink