Interesting article.....(and hopefully should explain to my Australian friends why Australian property isnt a bubble compared to the USA-but thats a side note).
The bigger issues are countries/cities/states claiming bankruptcy.
Bankruptcy protection should ONLY be offered after all assets are sold off.
Too many states/cities love to borrow borrow borrow but then want to claim bankruptcy whilst still retaining valuable assets.
Doesn’t matter if we are talking Greece, Puerto Rico or Illinois….. you should only be able to claim bankruptcy after ALL assets have been sold off to pay debtors.