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By effectively nationalising a good chunk of the debts accumulated by the private sector, western governments have now raised concerns about their own solvency

While this debate is crucial, it should not distract us from the urgent need to reform our financial system, whose dysfunctionality lies at the heart of this crisis

why not simply ban products whose safety cannot be convincingly demonstrated, as we do with drugs

When the project buyer fails to pay up, the ECGD can turn this into "third world" debt