Clarity needed on debt write downs
Banks are starting to write off portions of unpayable mortgages and other debts.
Banks are starting to write off portions of unpayable mortgages and other debts. It is welcome that the banks are getting on and recognising the reality that some debts will never be repaid. They have been dragged kicking and screaming to this point, having delayed the inevitable for a few years. However the whole process is still surrounded with a lot of uncertainty and inconsistency.
In the last recapitalisation of the banks, they were given...
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