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Professor Steve Keen has been arguing quite successfully that debt foregiveness would be an appropriate measure to take for most developed economies. Iceland's GDP growth has basically returned to normal since it refused to pay back the debt owed by its own banks (debt run up by a few individuals in those banks) - you won't be able to say the same about Ireland, Greece, Spain etc etc, who will likely (along with places like the USA) be in for a deflationary period of many decades, a la Japan.
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