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Let LDK Solar default, dammit – opinion
July 20, 2012
China is once again blocking the default of a distressed domestic company, but this time taxpayers are angered. Regulators should instead swallow the repercussions and let the market take its toll.
China’s chronic avoidance of allowing its home-grown companies to default on their debt commitments has almost become comical – except that the situation is severely irritating Chinese residents who don’t want their taxes being funnelled to flailing companies.
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