It's amazing to see over and over again the "moral implications" of fiscal policy being paraded around while having "free markets" ipso facto shimmed into the argument as the counterbalance for better "moral fiscal policy".

Paying ones debts is not a moral act. Defaulting on debts is not an immoral one, either. While we play games with this kind of phrasing of the problem, there's no coherent argument about how best to handle Debtocracy that has become the banking sector of the world.