Recently a campaign has been started in Greece and now in Ireland as well for what is called a Debt Commission and Audit. The idea is simple and has legal precedent. The nation which decides to restructure its debt forms a Debt Commission. Such a Commission is generally made up of experts in debt, bond and Swaps contracts, forensic accountants, prominent civil servants, members of various civil society groups (Charities etc), interested NGOs and representatives of Labour Unions as well as employers organizations. Such Commissions have to be nationally based with wide and varied roots in the broader civil society. A wide representation is essential to prevent it becoming the tool of any one group.
The purpose of the Commission is first to simply find out who is owed and by whom. What debt was private, what public and in each instance what was the debt for? Would you like to know what debt has been bought by the Bank of England, or the Fed or the central Bank of Ireland? I would. Or what debts we are insuring? I would, considering I am personally expected to pay for it out of my taxes.
The Commission’s next job is to establish if any of that debt was Odious, Illegitimate, Illegal or Unsustainable. Each of these has legal standing and precedent and each is enough to send a cold shudder through board rooms of banks and their lawyers. For we already know, from a small tidal wave of cases pending in the US alone, that fraud there was. Lots of it. Many cases have already been ‘settled’ out of court. Time to close the option of settling on the court house steps and haul the malfactors into the public dock. Banker bashing? Those involved in fraud are criminals. Criminal bashing - You bet!”—Ireland, Greece and Portugal should Default