Dr. Stephen Kinsella:

I agree with Mr. O'Brien. There is a need in the context of the debate on debt relief to talk about hair-cuts. A lender might expect to be repaid 100 cents but instead gets only 80 cents. Capital hair-cut is a technical term. It is a stupid term but none the less it means precisely what everybody here thinks it means, namely, that one expects a return of 100 cents on the dollar but instead gets only 80 cents on the dollar. We basically meet in court to figure out the difference. That is more or less how these things work.

I believe Greek debt is fundamentally unsustainable. As a percentage of its GDP, it is too high. If the context of the production structure of the Greek economy, it does not work. Greece cannot do what Ireland did. The structure of its economy is totally different. Ireland is often touted as-----