"How the losses are being paid for... IT USED TO BE taken for granted that you could put aside some money and earn enough interest to be better off than when you started.
"As the world continues to struggle with the aftermath of an enormous credit boom and its subsequent bust, though, this kind of objective seems hopelessly naïve. Events in Europe and the US this week are the latest reminder of this. To see why, let's start with a riddle:
"If I owe you €10,000, and the amount of money I have is zero, is it possible to let me off the hook without you taking a loss?
The question is rather silly, yet it is analogous to the one facing policymakers in Europe right now as they decide what to do about Greece. ..."