trading well above placement price, page-10

Yep..debt still needs to come down some more..but no need to eliminate it. With all this central bank pumping and printing, sooner or later debt is going to be devalued substantially.

In hindsight though, MOF really bought some shi*tty assets at top dollar in 06 and 07. That was the time to start reducing debt. And some of the smart cookies did just that..but no, these guys didnt. Who is going to be held accountable for such bad judgement?

Probably no one.