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But bankrupt means you don't run the company/country anymore - they call in the receivers, and KPMG or whoever sell off the assets for scrap.
by iujhygfbh 17y ago
But bankrupt means you don't run the company/country anymore - they call in the receivers, and KPMG or whoever sell off the assets for scrap.
- _delirium 17y agoYeah, from that definition of bankruptcy it's a poor choice of words, because sovereign countries can't go bankrupt in the sense that bankruptcy law means. They're colloquially bankrupt in the sense of "not able to pay their bills", but not legally in the sense of "in court-supervised receivership"--- because there is no world government, and therefore no bankruptcy court with jurisdiction.
- iujhygfbh 17y agoInteresting idea though for a small country like Tuvavlu - just sell the country to the highest bidder. If say an online gambling company wants to be sure of favorable treatment it could just buy the government wholesale instead of having to buy it one politician at a time. It's only what say Lichtenstein, the channel islands, Bermuda have de-facto done.