I haven't read the proposal directly, but by your description of it I don't know how it could possibly work. Even if debtors pay off a chunk of their debt, com

I haven't read the proposal directly, but by your description of it I don't know how it could possibly work. Even if debtors pay off a chunk of their debt, companies will be lining up to offer them new debt, especially as the chance of default goes down with the new precedent. The way a real debt jubilee has to work is that debt is repudiated, with the creditor left holding the bag - not made good on.