It eliminates the prospect of bailout by creating a framework in which a failure can be managed with creditors taking responsibility".
If you owe a creditor, your responsibility is not just to put the check in the mail, but to make sure it was cashed by the creditor.
At least, however, the introduction of fiscal transfers would reveal that all nations within the euro – both debtors and creditors – have a responsibility for sorting out this crisis.
Shall America model itself on Trump by being pathologically thin-skinned, stiffing our creditors, and evading responsibility?
Yet as the long-serving and popular leader of Europe's largest economy and Greece's largest creditor, Merkel bears ultimate responsibility for the unyielding negotiating strategy that creditors have employed with Greece thus far, as well as for the austerity policies that led Greece to elect a left-populist government and to attempt to renegotiate the terms of its bailout this past January.
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.
Tsipras told parliament he did not regret his "decision to compromise" with Greece's international creditors: "We undertook the responsibility to stay alive, over choosing suicide".
The AAT also found Mehajer "adopted a cavalier approach to his management of the companies, which included their responsibility to creditors, and his duties to ensure that the companies met their legal obligations", Asic said in a statement on Monday.
After the dust of that scandal had settled and Calvi was found hanging, reportedly in Masonic regalia, from London's Blackfriars Bridge, the Vatican paid $250 million in reparations to the bank's creditors, though denying any responsibility.
"The club has debts and creditors that it has a responsibility to pay and has carried on because of promises and solutions they would bring," Green said.
