This is hardly the first time I have stressed the need for wholesale debt write downs.

Europe s debt problems should, in fact, still be quite manageable provided the requisite write downs and debt restructurings are implemented.

But the pre announcement of possible write downs still led to a major wave of uncertainty about banks.

Germany would do well to remember that it has benefited from debt write downs three times in its history.

Above all, any realistic strategy for dealing with the eurozone crisis must involve massive write downs (forgiveness) of peripheral countries debt.

Policymakers espousing debt write downs to spur growth should ask whether they have the political support to recapitalize banks if needed.

Its response was to offer targeted and expedited debt relief often by bringing in new temporary bankruptcy legislation that forced limited debt write downs.

Latin America s rebirth and modern growth dynamic really only began to unfold after the 1987 Brady plan orchestrated massive debt write downs across the region.

Debt write downs and guarantees will inevitably bloat Germany s government debt, as the authorities are forced to bail out German banks (and probably some neighboring countries banks).

In Ireland and Spain, private bondholders, not Irish and Spanish taxpayers, should have taken the hit from bank failures. In Greece, there should have been faster and larger debt write downs.

One reason that banks oppose debt write downs is that many underwater homeowners continue to repay debt rather than default, even while cutting back on other spending.

BERKELEY The dollar has had its ups and downs, but the downs have clearly dominated of late.

Given policymakers reluctance to contemplate write downs, specifically of debt held by official lenders, governments have been forced to levy high taxes to service their obligations, in turn depressing investment.

Peacekeeping has had its ups and downs.

The endgame is far more likely to entail a wave of debt write downs, similar to the one that finally wound up the Latin American debt crisis of the 1980 s.

The Fund is doing Europe s people no favor by failing to push aggressively for a more realistic solution, including dramatic debt write downs for peripheral eurozone countries and re allocating core country guarantees elsewhere.

Back then, against a backdrop of government reluctance to force debt write downs, along with massively over valued real housing prices and excessive real wages in some sectors, moderate inflation would have been extremely helpful.

China s Daring Depreciation

Since then, the term has had ups and downs.

Will banks be willing to part with the assets at a low enough price to attract private investment? And would doing so force larger write downs, requiring banks, in turn, to ration credit and thus harming the economy?

Indeed, since then, the write downs by US banks have already passed the 1 trillion mark (my floor estimate of losses), and institutions such as the IMF and Goldman Sachs now predict losses of more than 2 trillion.

Its purpose is not to encourage the depreciation of the yen, despite complaints about the yen s depreciation.

And that means further depreciation of the dollar.

In which you shall neither see ups nor downs .

In which you shall neither see ups nor downs .

They are said to live between the Barrow downs and the Old Forest.

Downs is a city in Osborne County, Kansas, United States.

Downs is a village in McLean County, Illinois, United States.

Dollar depreciation improves Europe s terms of trade and real income.

Restoring sustained growth requires real currency depreciation.

Debt write downs and guarantees will inevitably bloat Germany s government debt, as the authorities are forced to bail out German banks (and probably some neighboring countries banks). But the sooner the underlying reality is made transparent and becomes widely recognized, the lower the long run cost will be.

The extent of creditor countries losses would depend on the extent of the depreciation, giving them an interest in keeping the depreciation within bounds.

This would allow her to write down the value of her mortgage by the average house price depreciation in her postal zone since the borrowing date, in exchange for giving the lender a share of the future house price appreciation.

They provide much greater economic stability, measured by the ups and downs of the business cycle.

A linear reduction consisting of mostly 20 per cent step downs was considered practical and potentially achievable.

A linear reduction consisting of mostly 20 per cent step downs was considered practical and potentially achievable.

Step downs were seen as important in assisting Parties to meet phase out targets.

When in 1639 a large Spanish transport fleet sought refuge in the English Downs moorage, Charles did not dare to protect it against a Dutch attack the resulting Battle of the Downs undermined both Spanish sea power and Charles's reputation.

Depreciation is used to record the declining value of buildings and equipment over time.

So we expect a substantial depreciation premium on US interest rates.

Israeli security officials, for example, scoff at genital pat downs, which they say accomplish nothing.

Write!

A return to a national currency and a sharp depreciation would quickly restore competitiveness and growth.

The attempt to achieve them is bound to lead to competitive currency depreciation and protectionism.

The depreciation that followed the crisis helped accelerate recovery by boosting exports.