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The shiny new asset would erase a trillion dollars in debt liabilities.
Bain is paying CRH £295m in cash and has agreed to take on its pension and debt liabilities.
Deteriorating economic relations in the 1930s over Ireland's debt liabilities led to Britain imposing retaliatory tariffs on Ireland to recoup some of the money it was owed.
Within debt liabilities, a distinction needs to be made between foreign and local currency denominated instruments, at a time when foreign-currency instruments still dominate local-currency ones as emerging market investments; duration is another critical aspect to consider.
Mr. Einhorn notes that many are reluctant to become involved in a company that is still one-third owned by the government, which stepped in to save G.M. after its pension and debt liabilities threatened to bring its collapse.
The region lacks a single agency — something akin to the United States Treasury — that can help manage debt liabilities among countries and make it easier to transfer financial aid to those in periods of difficulty.
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Ms. Merkel said shared debt liability within the euro zone was "economically wrong" and "counterproductive".
"I don't see total debt liability as long as I live," she said at the meeting.
"Common debt liability in some form needs to be accompanied by greater political and economic integration; that's just logical," he said.
Reported comments by Angela Merkel that Europe would not have pooled debt liability "as long as I live" added to investor concern.
Angela Merkel, the German chancellor, used uncommonly strong language when she rejected the idea for common Eurobonds by saying Europe would not share debt liability "as long as I live".
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