Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
And while, as you note, 'the assets obviously need to be reassessed' we have spent the last three years avoiding doing so, mostly in order to save financial institutions that would better be/have been liquidated. Neutralize the toxins in the system. Substitute 'Recognize and reorganize' for 'Extend and Pretend'. All would be better off a few years later that way. The current path will make everyone worse off a few years later.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 17th, 2012 at 09:44:15 PM EST
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