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Land is private property in most countries, so IMHO your suggestion doesn't really make sense. Or are you trying to say the voters should personally take financ

Land is private property in most countries, so IMHO your suggestion doesn't really make sense. Or are you trying to say the voters should personally take financial responsibility for the country? I find it really interesting how people immediately start making moral judgements (it would only be fair if they repay it, they stole someone's money and ran off with it etc.) of the side that borrowed the money when it's on country level. But when it's a company borrowing money and not being able to repay it - hey, that's just business for ya. The lender should have known better.

roel_v 11y ago
"Land is private property in most countries," And yet, in most countries the biggest land owner is... the state.
- peterfirefly 11y ago
  ... and borders can change (Louisiana, US Virgin Islands) and land can be long-term leased (Hong Kong).
anovikov 11y ago
I am speaking about national sovereignty over land, not ownership rights. Of course, private owners of parcels of land will retain them, except paying property taxes to a different state and being bound by different laws (probably getting residence permits in a new country, too, to enable access to their property). This is annexation, not foreclosure-like sale.
anovikov 11y ago
Well, but if a company refuses to repay its debt, this is called a bankruptcy isn't it? In U.S. it is either chapter 7 or 11 and means anything from takeover/sell of its assets or outright liquidation. At least in any more or less democratic countries, a company cannot just fail to pay its debt with no consequences. In case of a bankruptcy, only stakeholders of the company suffer: management team simply gets fired, employees either get another job or work for the new owner if assets are sold. Same here: i am not suggesting making private citizens responsible for the national debt directly, just the government, which should either cede some part of its territory, or gets dissolved outright.

roel_v 11y ago

"Land is private property in most countries," And yet, in most countries the biggest land owner is... the state.

peterfirefly 11y ago
... and borders can change (Louisiana, US Virgin Islands) and land can be long-term leased (Hong Kong).

anovikov 11y ago

I am speaking about national sovereignty over land, not ownership rights. Of course, private owners of parcels of land will retain them, except paying property taxes to a different state and being bound by different laws (probably getting residence permits in a new country, too, to enable access to their property). This is annexation, not foreclosure-like sale.

anovikov 11y ago

Well, but if a company refuses to repay its debt, this is called a bankruptcy isn't it? In U.S. it is either chapter 7 or 11 and means anything from takeover/sell of its assets or outright liquidation. At least in any more or less democratic countries, a company cannot just fail to pay its debt with no consequences. In case of a bankruptcy, only stakeholders of the company suffer: management team simply gets fired, employees either get another job or work for the new owner if assets are sold. Same here: i am not suggesting making private citizens responsible for the national debt directly, just the government, which should either cede some part of its territory, or gets dissolved outright.