I'll add a comment later. It contains a good lesson as to what is in store for other sovereign economies, thanks to the lackies at the IMF.
The problem of bank loans gone bad, especially those with government-guarantees such as U.S. student loans and Fannie Mae mortgages, has thrown into questionjust what should be a “fair value” for these debt obligations. Should “fair value” reflect what debtors can pay – that is, pay without going bankrupt? Oris it fair for banks and even vulture funds to get whatever they can squeeze out of debtors?