Sankar, I think that taking a "high ground" position of calling the lenders "corrupt" or "blood sucking" is going a little far. No one forced to borrower to borrow mind you, when people sign on that little dotted line, and these people are chaebol chieftais or other corporate captains, the last thing you want is signature amnesty, it will lead to chaos.
Negotiation between lenders and borrowers, sure, that what the free market is for. A put on the assets, namely bankrupcy, if it is the only way to recover some of the debt, that is the name of game. A government dictum favoring one class of economic activity (borrowers) over another class (lenders) can lead to only one thing, misallocation of financial resources and economic calamity on a grand scale.
Zeev |
