Unless, of course, you have
sufficient assets already saved up or accessible to you in order to make a settlement offer to your creditors.
The key drivers of the Savings Glut, however, have weakened or reversed: China's growth is rebalancing toward domestic consumption, and its stock of foreign exchange (FX) reserves has declined; other Asian emerging markets have
already accumulated
sufficient FX reserves and no longer need to accumulate
assets; and the plunge in oil prices is forcing a number of oil exporters to reduce savings to delay or smooth the adjustment in expenditures.