The restructuring charge dealt with a company-wide reorganization, which will eliminate about 7% of the Johnson & Johnson workforce up to 8,000 jobs.
He said the fund was to meet the requirements of the exchequer and to deal with the restructuring of the banking system.
"In a different context, with a restructuring of national and provincial debt, it could be done".In other words, the government's political weakness means that before tackling provincial finance, it may first have to reach a deal to restructure its debt.
Under the debt deal, the company has until the end of the year to follow up the £141m sale of its South African business with a restructuring of its pension scheme, which had a deficit of €136m at the end of 2012.
Shares in Taylor Wimpey jumped yesterday after reports that it had struck a deal with its lenders for a restructuring of its finances, but there was no news on the ongoing talks in today's trading update.
The intensity of the restructuring programme currently being agreed for Greece should dispel any lingering notion that this is a well intentioned but misguided attempt to deal with a debt crisis.
But Mistry and Tata Steel had been making progress on a potential merger of its European steel operations with ThyssenKrupp and were close to a deal with the UK government about financial support and a restructuring of its pension scheme.
Few of America's top managers, however, yet seem to be in a mood to take on the kind of extra risks which might meet inflated growth expectations, or beat the long-term trend, until they feel confident that restructuring has indeed dealt with all the excesses of the late 1990s.
While this administrative structure was decreed by a government anxious to deal with interlocutors, such a restructuring has not taken place in Casamance.
