Borrowed money. Now


Sometimes you may have to wait

The story as I remember it goes like this. Sometime in the early 1920s Britain and France asked for relief from some of their war debt to the USA. An American senator, speaking, I like to think, in the accent of Humphrey Bogart or John Wayne, said “they hired the money, didn’t they?” Quite so; end of story.

Well, successive Greek governments over many years have hired an awful lot of money, and, if the latest bail-out deal is approved and goes through, are about to hire a lot more. Not surprisingly, the lenders want some assurance that this time the Greek government is serious about cutting public spending and raising public revenue.

When a Government spends more than it collects in taxes, it has a choice. It can practise austerity or go for growth. Some of those who now criticise the insistence of the EU – or rather the eurozone states – that Greece must endure another round of austerity if it is to receive yet another bail-out loan, are among those who approve of George Osborne’s austerity policies here. Among those indeed are some who insist that in order to cut the deficit and prevent the national debt from continuing to rise.

Be that as it may, the truth is that the creditor almost always has an advantage over the debtor, especially when the debtor is asking for new loans to keep afloat. When the Labour government had to turn for support from the IMF in 1976, the Chancellor of the Exchequer, Denis Healey, was obliged to make deep cuts in public spending. Going for growth in the hope that a booming economy may make it easier to cut the Government’s deficit may make sense, but this is not how the creditor sees it.

Sadly, it’s reasonable for Greece’s creditors to suspect that the Greek Government will promise anything to get the loan it urgently needs – and then forget its promises unless they can in some way be made binding.

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Popular Q&A

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Borrowed money, now have to go to county court.

You don't need anything in writing to have an oral contract. But you do need a repayment time, and apparently you didn't have a specific one. Since you indicate that your job loss caused you to not be able to pay him back, that implies that you were supposed to pay him back sometime in the past. That's a breach of the oral contract. Your job loss isn't an excuse.


A borrower isn't required to make a demand on you before suing you for the breach. But it's never too late to settle the case before it goes further. You may have to borrow momey from someone else, maybe your sister, to pay him back.

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If hyperinflation is to occur, Shouldn't I be borrowing money now and I will pay back with less valuable $$? | Yahoo Answers

Yes, it's generally true that in a rising inflationary environment, people who have debt will benefit provided they have fixed rate debt. If the debt is variable, it doesn't matter b/c the bank will just raise interest rates higher than inflation.
But if you're planning on taking on additional debt just to play the inflation scenario, here's the problem. If you buy a home, then inflation rears its head, Ben Bernanke will most certainly increase interest rates to head off inflationary pressure even in a recessionary environment. If that happens, home prices will actually fall and not in…