Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
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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