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"This means a serious restructuring of the company," said Richard Bove, an analyst with Hoefer & Arnett, an independent research firm.
It should consider doing so only if Mr. Mori agrees to a serious restructuring of the banking industry.
In fact denying the inevitable has undermined pledges about solvent governments.Instead of austerity and pretence, a credible rescue should start with growth and, where it is unavoidable, a serious restructuring of debt.
But once the stability facility is ratified, he said, he sees the possibility of using it to finally undertake a serious restructuring of unsustainable levels of Greek debt by the end of the year.
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But Darryl Jenkins, the director of the Aviation Institute at George Washington University, said $9 billion seemed to be the minimum amount necessary to begin a serious restructuring.
This, however, does not preclude that it's C&T-industry was bound to a serious restructuring between the two years.
Lobby groups from America's retailers say that, without serious restructuring, the end of quotas is likely to kill domestic textile-makers, which make much of their money by exploiting current trade rules that, among other things, heap costs on foreign firms by forcing production to be spread across many countries.
"A lot of companies have melting ice cubes for assets, and there's not a serious prospect of restructuring on a stand-alone basis," said Henry Miller, vice chairman of Dresdner Kleinwort Wasserstein, an investment banking firm.
But two things have got in the way of serious restructuring.
Obviously some serious restructuring is needed.
Private sector bondholders are seeking yields of nearly 4 percent, but Greece, as well as Germany and the I.M.F., argue that a yield closer to 3 percent is necessary to give the restructuring a serious hope of success.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com