It’s a bigger problem than you think. Not only are arrears due in a lump at the expiration of the moratorium, but they’re mostly uncollectable so valuations in derivatives are going to crash like a stone.
We’ve seen this play before in 2007 – 08 for those who have the attention span of a May Fly.
Think I’ll have another Martini. Who was that drunk guy anyway? Said he knew you.