Tuesday 23 January 2018

Sweet alchemy of bankruptcy may lift economy from deathbed

New bankruptcy rules could transform the power play between bank and borrower

SMILING AGAIN: Former Atomic Kitten singer and ‘Celebrity Big Brother’ contestant Kerry Katona was recently declared
bankrupt for the second time. In the UK last year, there were more than 50,000 bankruptcies. In Ireland there were 40
SMILING AGAIN: Former Atomic Kitten singer and ‘Celebrity Big Brother’ contestant Kerry Katona was recently declared bankrupt for the second time. In the UK last year, there were more than 50,000 bankruptcies. In Ireland there were 40

Ross Maguire

THE debt crisis is both personal and national. What becomes of our national debt remains to be seen.

It is a central principle of economic theory that a national debt in excess of the wealth created by a country in one year is unsustainable.

As our national debt is far in excess of this, we must hope that general economic theory does not apply to us – or we must pray for a miracle.

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