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Unable to pay all of its debts, it will perhaps be forced to default on all of them.
With a new currency, a big devaluation against the euro, and a write-off of many of its debts, it could conceivably do better for itself.
Its latest strategy is to tell Scotland it's naughty for thinking of leaving the Union, and to remind it of its debts and debtors.
It could also free Dewey of its debts and pension obligations, making it far more appealing to a potential acquirer.
Only later when Greece buckled under the weight of its debts did European grandees say it had been "a mistake" to allow Greece to join the currency.
Actually, a second, as Greece technically defaulted on its debts when it renegotiated a 50% write-off of its debts with its creditors earlier this year.
Hynix said the figure still fell short of the amount it hoped to get to cover most of its debts.
Most of its debts on the island were generated when it lent billions in commercial property loans during the Celtic Tiger years before the crash.
The vast majority of its debts are held at home.
And the government defaulted on some of its debts.
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Last month it defaulted on some of its debts, and thus set off a row between private bankers and the IMF (see article).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com