Why are Governments and Supranational Institutions so concerned about paying off creditors ? ( and interests for the creditors ) *Why not let countries go bankrupt* ( even if it means getting out of Treaties related to the Euro ) , and start anew, as Argentina nearly 10 years ago ? ( http://en.wikipedia.org/wiki/Argentine_debt_restructuring ) And why maintain Article123 of the Treaty of Lisbon, which prevents states from creating their own interest free money, as it was in some european countries before the middle of the 1970 ies ? ( currently, what some countries pay back is mostly the cost of the interest on their debt, not the debt itself, as the cost of interest itself represents huge sums of tax payers money ) It seems one of the main objectives of the ESM ( http://en.wikipedia.org/wiki/European_Stability_Mechanism ) is to avoid bankruptcy of states, hence providing more time to maintain pressure on countries and enforce on them a pillage of their resources and "acquis sociaux" by a capitalist elite ? *A financial coup d'etat ?* Via the consolidation of a non-democratic european "state" ? http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/10/636 excerpt : In the unexpected event that the debt sustainability analysis reveals that a country could be insolvent, the Member State will have to negotiate a comprehensive plan with its private creditors, in line with IMF practices, and liquidity assistance under the ESM may be provided. Also see : http://www.youtube.com/watch?feature=player_embedded&v=5CZr17HLH5U#! // more on article 123 of the Treaty of Lisbon : article 123 of the Lisbon Treaty, and the privatization of monetary creation ( credit ), with compound interest <http://en.wikipedia.org/wiki/Compound_interest> , which leads to a greater and greater part of tax income to be paid only to cover the interest o n this debt : http://www.lisbon-treaty.org/wcm/the-lisbon-treaty/treaty-on-the-functioning... including its background : http://fr.wikipedia.org/wiki/Loi_n%C2%B073-7_du_3_janvier_1973_sur_la_Banque... excerpt : "Cet article a également été repris par l'article 104 du traité de Maastricht <http://fr.wikipedia.org/wiki/Trait%C3%A9_de_Maastricht> et par l'article 123 du traité de Lisbonne<http://fr.wikipedia.org/wiki/Trait%C3%A9_de_Lisbonne> ." when googling, I find various videos, including for example this 9 minute video ( worth listening to in the background ) http://www.youtube.com/watch?v=zeYUNbVlDoc Also note that compound interest, in my understanding, leads to a need for the economy to grow its monetary mass exponentially ( through debt ) , while such interest on the debt creates artificial monetary scarcity and a need for competition at the roots of the real economy, as to repay , in addition to principal, an interest that has not initially been created through the credit issuance mechanism , hence the need to exponentially grow the monetary mass till "credit peak" , a tipping point one may argue we are approaching, where individuals and/or governments are not capable or paying back the compound interest on all the debt, debt which is at the base of monetary/credit creation.