Germany insists on a deep restructuring – at least a 50% "haircut" for bondholders – whereas the European Central Bank insists that any debt restructuring must be voluntary.
But one-time expenses associated with a deep restructuring begun last year widened the airline's net loss to €1.19 billion from €809 million in 2011.
Recent developments at the bank were also a source of worry, including an increase in the stake held by the Libyan Investment Authority and a deep restructuring of the Italian consumer banking arm.
Mr. Fields, who has worked at Ford for 23 years, helped lead a deep restructuring of the Americas division that has transformed the region from a money-loser into the company's most profitable business.
By insisting on it being voluntary, the ECB may be trying to ensure that the restructuring is not deep; but, in that case, it is putting the banks' interests before that of Greece, for which a deep restructuring is essential if it is to emerge from the crisis.
The overall euro deal being discussed is complicated, including a deep restructuring of Greek debt, an injection of new capital into European banks made vulnerable by exposure to sovereign debt and an expansion of a bailout fund so that it can ward off a financial panic in the large economy of Italy as well as in tiny Greece and Portugal.
Peugeot is undergoing a deep restructuring, with many job losses, and has tapped €7 billion in state guarantees.Fiat said that launching an IPO of Chrysler, in which it owns a 58.5% stake, would be impracticable before the end of the year, reversing its assertion that a flotation was on track for 2013.
Further, they have undergone a deep restructuring in part due to the financing decisions made in the pre-crisis period.
These requirements are the catalysts of a deep restructuring of all national railway companies as well as the newly formed operators willing to enter the market.
A deep restructuring that was started in 1997 by Treschow is now paying big dividends and is expected to yield annual savings of $230 million, beginning in 2003.
