Commentary: Finally, Japan Lets A Sinking Ship SinkBy
Japan's newly reelected government has made the smartest financial decision of its brief political life. On July 12, it backed away from a controversial plan to bail out Sogo Co., an ailing department store chain, with $1.8 billion of taxpayers' money. Immediately, Sogo filed for protection from creditors, to whom it owes over $17 billion, and became Japan's second-largest corporate bankruptcy ever.
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