Madam, – It is true that the idea of burning the bond holders in one large May-day bonfire seems attractive and would give some satisfaction. But with the the country’s current account deficit it would just lead to further and longer instability.
Instead I think we need to pursue the barbecue approach. Leave the bank debts to cook away slowly while the focus is put on sorting out the Government’s finances. Then, when our current account is in surplus and we don’t need to borrow to meet the monthly wage bill, go back to the bank debts and see how “well done” the bond holders are. At this point they will no longer be able to take their pound of flesh but instead will have the take the remaining morsels that we can serve up. – Yours, etc,