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Buiter expects writedowns on Dutch mortgages, recommends debt jubilee

The Dutch press is reporting that Willem Buiter, the Dutch-born Chief Economist of Citigroup, believes that we are going to witness a slew of writedowns in the Netherlands unless the Dutch can right the economy and stop the fall in house prices.

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That is my translation from Dutch. Interesting comments from Buiter, essentially calling for a partial debt jubilee along the lines of Steve Keen. It tells you that the problems run deep – and it’s not just Spain and Ireland, but the Netherlands, Denmark and soon France.

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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.