Trapped at Berkeley

If someone lends money to a company or to a country and does not get paid back, they’re not going to come again, or at least they’re not going to come in a long while, and that’s one of the reasons why I’m strongly against debt forgiveness for the poor nations of the world, because that’s the worst thing you can do to a nation is allow them to get away from their debts and obligations. It’s a very bad lesson, because it means that for the future they will try and do that again, and eventually they’ll have no credibility again, and no capital will go to that country.
Mark Mobius, Templeton Investments