Dear minister,
There is no easy way to say this – Ruritania is broke. It is not merely illiquid, whatever that means. It is not just experiencing temporary financial distress or enduring a bad patch. In truth, Ruritania has accumulated a debt stock that under even the most benign growth assumptions can never be repaid. Unless that unsustainable debt stock is addressed, it will blight the economic prospects of Ruritania for generations.
