A Quote by Michael Hudson
Economic polarization is also occurring between creditor and debtor nations. This issplitting the eurozone between Germany, France and the Netherlands in the creditor camp, against Greece, Spain, Portugal, Ireland and Italy falling deeper into debt, unemployment and austerity - followed by emigration and capital flight.
Related Quotes
The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.
One needs a comprehensive concept that decides just how much debt states like Greece, Ireland, Portugal, Spain and Italy can sustainably bear.
We often forget that Spain controlled big parts of Europe, in Italy and the Netherlands. In the Middle Ages, Spain and Portugal were so powerful that they signed a set of treaties literally dividing up the globe between them.
Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.
I think at the end of the day, the real sick man of Europe is liable to turn out to be France, not Greece, not Portugal, not Spain, not Italy. The reason is France is very uncompetitive to begin with on a global scale, and the measures that Hollande has been putting in have been very, very negative from the point of view of economic growth.
We are a trading nation, and we are trading with Greece, Spain, Italy, Portugal and Ireland.
My first flight was to Majorca as a 17-year-old and I went to Seattle to visit a friend after that. But the first time I really ventured out abroad to Canada and Japan as well as to Europe, to France, Spain, Italy, Germany and the Netherlands, was to promote my first album.
The debt settlement company will direct you to stop paying your creditor and instead send the money directly to them each month. The company's goal is to demonstrate to your creditor that you don't have the money to pay up - that's your leverage. After a few months, the company will typically go to the creditor and say, "I'm holding X dollars on behalf of your customer. He doesn't have the money to pay you, so you should take this amount as a settlement or you'll end up with nothing." If the creditor wants to get paid badly enough, it will take the money.
Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.
If we were the problem, it would be very convenient, kick Greece out, everything's fine. But what happened to Spain? What about Portugal? What about Italy? What about the whole of the Eurozone? We need more cooperation and less simplification and prejudice about what has to happen.
I'm talking about France and Germany and Italy and Spain - new friend Germany - and I love that story, how they lead the world in some things that the world needs leadership in. Amongst them we're the only ones without national healthcare. Can't go to a hospital and not worry about falling into bankruptcy. They go to university free. We're killing our students with debt. That scares me.
The borrower is a slave to the lender and the debtor to the creditor.
The creditor hath a better memory than the debtor.
Greece is at a dangerous crossroads. Other countries-Portugal, Ireland, maybe Spain-are coming behind it.
The ideas of debtor and creditor as to what constitutes a good time never coincide.
When you are continuing to be in debt or are going deeper into it, every time a creditor calls, it rubs your face not only in how vulnerable you are, but that people are out to get something from you that you don't have to give.
Related Authors
Allen W. Wood Quotes
American
Professor
Clayton Christensen Quotes
American
Professor
Glenn Reynolds Quotes
American
Professor
Gordon S. Wood Quotes
American
Professor
Helene Cixous Quotes
French
Professor
Jeffrey Pfeffer Quotes
American
Professor
Jerry A. Coyne Quotes
American
Professor
Richard A. Falk Quotes
American
Professor
Robert S. Kaplan Quotes
American
Professor
Ruth Simmons Quotes
American
Professor
Seyyed Hossein Nasr Quotes
Iranian
Professor