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Bad debt is debt that was not justified on the basis on which it was granted.

An Irish bond issued in 2007 was not necessarily a bad debt, if it was issued to pay for legitimate expenses of the Irish state. It was a bad debt if it was issued as part of a swap for bad private debt.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 4th, 2011 at 08:33:54 AM EST
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