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In reply to the discussion: EU Tells Tsipras the Party’s Over as Euro Exit Door Swings Open [View all]Igel
(35,293 posts)Have an election and everything resets. (Does any debt owed to the old government reset, too? Then why all the bluster about German debt?) Sort of a like a year of jubilee or sabbatical year.
In 2008, I supposed that US election reset everything. No more debt, new budget. Hey, all the former obligations went away, so the Social Security projections we could have ignored.
And I suppose in 2016 all the obligations--any T-bills or obligations by the government will also evaporate. New government, everything resets. So we get to renegotiate NAFTA, I guess.
Look: Your country's bombed into oblivion, everybody's arrested and executed, you have a leg to stand on. In a democracy, it doesn't go government by government. What a democratic government does is binding on the next round of leaders. Otherwise you manage to take out a bunch of loans, call a snap election, and esp. if you lose say, "Sorry suckers."