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Customers and creditors apparently must wait while this is being resolved, al though there is agreement that enough assets exist to cover obligations — eventu ally.
Allowing people to invest Social Security contributions into private retirement accounts would reduce the government's future retirement liabilities, but the government would need to cover obligations to existing retirees without the money coming in from existing workers.
Elan faced bankruptcy this summer when it failed to file its annual report on time with the Securities and Exchange Commission, potentially starting a run on its $2.3 billion total debt, but it now has $973 million in cash to cover obligations of $634.5 million due this year, it said.
The way you look at consumer debt is the capacity of families to cover obligations.
TransferWise's customers predominantly use the service to move money between their own bank accounts to cover obligations back home--a mortgage, a cellphone bill, a charitable gift.
If approved by the bankruptcy court, the financing will provide an immediate source of funds and enable the company to cover obligations for its daily operations, including timely payment of wages, the company said.
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For now, bailout funds are set to cover such obligations.
The government is supposed to set aside enough every year to cover its obligations.
Without an increase, the government soon could not borrow to cover its obligations.
Even if the troika delivers that money, Greece will struggle to cover its obligations.
Eventually, that would mean not being able to cover its obligations on its international debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com