Other debtors could have paid up but simply chose not to, knowing Mexico's weak legal system would let them get away with that.

ECONOMIST: Mexico

Those of us in the trenches recognize that Chapter 7 and Chapter 13 relief, while flawed, usually do provide needed relief to beleaguered debtors who literally have no other options.

FORBES: Consumer Bankruptcies Get Bad Rap, Do More Good Than Harm

Since Germany introduced a debt bracket in 2009 that forbids the national government to run a deficit of more than 0.35 percent of GDP from 2016, other member-states have struggled to follow the German lead to restore their own credibility as debtors.

FORBES: Are European Fiscal Rules a Greek Farce?

He drew on a warning from economists about this economic downturn and said: "Normally a state debt is with its own inhabitants but this time it is international so you cannot increase tax to hit debtors, pensions and demography are against us at this moment in time, and other instances of debt overhang there has not been the same level of personal debt".

BBC: Finance Committee 1

Other than Forbes-ranked billionaire Vijay Mallya whipping out a few hundred million dollars to pay off debtors and back pay owed to the airlines staffers, nothing.

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They contain, among other things, controversial proposals to speed up bankruptcy proceedings and make it easier for creditors to foreclose on bad debtors' assets.

ECONOMIST: Thailand