Spain is a prime example of problems besetting the global economy; namely, too much debt that likely will never be repaid, Alen Mattich writes. Spain has €182 billion in bad loans, nearly 11% of its balance sheet. Until bondholders accept losses, the can will keep getting kicked down the road, Mattich notes. However, that cannot go on forever. A U.K. official noted that monetary policy will only put off, not prevent, painful and necessary restructuring.
Published in Brief: