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But some believe that Greece might have a shot at getting repayment on the bank loan.
"Hopefully from this year onwards we will getting repayment for all the work".
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Mr. Chang appears not to have won support from the administration for his main effort, which was to get repayment of what he said he was owed by North Korea for grain shipments.
One incident, in Mexico, saw borrowers protest against rising interest rates and the heavy-handed tactics used to get repayments – while the government wavered over how to intervene.
Given they paid a fraction of the value of the debt, getting full repayment represents an enormous profit.
Homeowners usually get a repayment plan or a loan modification, he said, but he has seen some denied the modification because of low income.
It soon backtracked, proposing making student loans easier to get, linking repayment to income after graduation, stretching the fee increase over seven years and offering an additional C$39m in bursaries.
A big advantage of bankruptcy over government-subsidized modifications is that bankruptcy is a difficult process that does not entice anyone to purposely default in order to get better repayment terms.
At some stage, property prices will stop falling, and will hopefully begin to recover – and as long as you've got a repayment mortgage, then you can take comfort from the fact that you'll be moving yourself back towards the black every time you make a monthly payment.
You get a repayment back every month.
New Yorkers and Detroiters saw pensions and salaries cut and taxes raised, but the banks didn't get full repayment either.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com