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Keeping both creditors and voters happy will not be easy.
"An orderly system is needed to cancel unjust debts, neutral of both creditors and debtors.
After initial dislocations, the eventual outcome would fulfill John Maynard Keynes' dream of an international currency system in which both creditors and debtors share responsibility for maintaining stability.
What is striking is that everyone in the EU has lost faith in the project: both creditors and debtors, and eurozone countries, would-be members and "opt-outs".
This can be applied to both creditors and debtors; the former should be punished for reckless lending and the latter for living beyond their means.
The first problem is that a lot of debt is secured against property and, when prices fall, both creditors and debtors lose out.
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Debt settlement companies claim they help both creditor and consumer by bridging the abyss between them.
A balanced deal is more likely to be accepted by voters, in both creditor and debtor states, and to assuage markets.
If mortgages could be written down to a value above the likely foreclosure sale price, that would generate benefits for both creditor and borrower.
A current court case involves allegations of corruption by the management of Arenal Sur 21, a local property developer in which CajaSur had been both creditor and shareholder.
But deeper political union could provoke a backlash, in both creditor and debtor countries, that brings the whole system crashing down.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com