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Greece will not manage to get back on its feet without restructuring its debt. There is no way around it. The country's creditors will have to reduce a portion of its debts by extending maturity dates, lowering interest rates or giving them what's called a 'haircut' in financial jargon.
Creditors have better memories than debtors.
I never heard of an old man forgetting where he had buried his money! Old people remember what interests them: the dates fixed for their lawsuits, and the names of their debtors and creditors.
Marcus Tullius Cicero
Substantive and procedural law benefits and protects landlords over tenants, creditors over debtors, lenders over borrowers, and the poor are seldom among the favored parties.
In a world awash in debt, power shifts to creditors.
Until 1869, when they were banned, debtors' prisons were the great incinerators of British reputations. Those who were unable to pay their bills were jailed until their creditors were paid - an unlikely event, given that the prisoner was unable to work.
Africa is poor because its investors and its creditors are unspeakably rich.
We only have a Plan A. The acceptance and full implementation of the existing plan, the so-called Plan A, is the best solution for Greece, for the euro zone and also for creditors and holders.
Some have been ensnared in the net of excessive debt. The net of interest holds them fast, requiring them to sell their time and energies to meet the demands of creditors. They surrender their freedom, becoming slaves to their own extravagance.
Joseph B. Wirthlin
We owe the government taxes. We owe our creditors interest. What do these powers owe us?
Anna Deavere Smith
In truth, it's not the shareholders of the American International Group who benefited most from its bailout; they were mostly wiped out. The great beneficiaries have been the creditors and counterparties at the other end of A.I.G.'s derivatives deals - firms like Goldman Sachs, Merrill Lynch, Deutsche Bank, Societe Generale, Barclays and UBS.
Every American born today owes $43,000 to the federal government the day she or he is born. And we are transferring a tremendous amount of debt to the new generation, much of it owed to overseas creditors who expect to be repaid by our children with interest.
Indiana taxpayers, retired Hoosier state policemen and teachers are neither greedy speculators nor unpatriotic. They are, however, secured creditors of Chrysler. They deserve to have their funds protected under the full auspices of the law.
It turned out in the long run that Lincoln's credit and the popular confidence that supported it were as valuable both to his creditors and himself as if the sums which stood over his signature had been gold coin in a solvent bank.
John George Nicolay
No one will lend at a negative interest rate; potential creditors will simply choose to hold cash, which pays zero nominal interest.
If you have a debt issue or credit card issue, start dealing with it. If you have a tax issue, don't just say, 'I'm not going to file.' There are ways to deal with these things, but you must communicate with your creditors, whether it's a credit card company or tax department.
What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.
Imagine how much capital a country like Argentina might attract - if instead of defaulting seriatim and affecting a pose of anger toward creditors, it borrowed responsibly and honored its obligations.
Much of what Germany and France have done in the rescue of Greece has also helped German and French banks, who for a long time were major creditors for Greece and Greek banks.
Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt cannot just threaten to stiff its creditors. It must cut its spending in the future, but also take responsibility for the debt incurred in the past.
Martin Luther King, Jr.
A. P. J. Abdul Kalam
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