Funny thing is - this is likely just a test run. BCG wrote the scenario up back in September 2011: Back to Mesopotamia? The Looming Threat of Debt Restructurin

Funny thing is - this is likely just a test run. BCG wrote the scenario up back in September 2011: Back to Mesopotamia? The Looming Threat of Debt Restructuring http://www.scribd.com/doc/130778664/BCG-Back-to-Mesopotamia http://www.scribd.com/doc/130778664/BCG-Back-to-Mesopotamia It describes exactly the case for one-time haircuts across all citizens, neatly laid out per country. The money needed to turn those deficits around needs to come from somewhere, just printing it does not work. Certain finance bloggers are already going apeshit about this. And for those of you in the US, snickering at the European victims - it lists the US as well, with the need for a 26% haircut to balance its books. Sleep well.