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Last year, Chilean artist, Francisco Tapia, set fire to documents representing $500m £326mm) worth of student debt during a protest at the country's Universidad del Mar, claiming he had 'freed' students by destroying the debt papers.
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I'm reminded of the ado over Carmen Reinhart and Kenneth Rogoff's "Growth in a time of debt" paper, that of the 90% debt-to-GDP threshold for growth slowdowns.
Bankers and financiers bundled debt paper into instruments they could flog around the world and the ratings agencies signed off on the Ponzi scheme.
"Irish debt paper could stop being tradable, and the outside agencies like the European Union and the International Monetary Fund might have to come in".
Conventional mutual funds specializing in high-yield, or junk, debt — paper issued by less creditworthy borrowers — have suffered less; as a group, they are down 0.84percentthis yearar through Thursday, according to Morningstar.
Managers, after all, typically own common shares or options but hold none of the debt paper.
About $150 billion of debt paper written by electric utilities and independent ("merchant") power-plant operators is now trading at deep discounts.
He participated in a panel discussion entitled "The New Alphabet Soup of Regulation: What Will This Mean for You?" Barket said the default rate for corporate debt paper currently is much higher than that in the CMBS market.
If we never ask how much money has been created, and by that I mean all forms of currency and debt, paper or digital, and implied sovereign guarantees, we will never have the numerator for the currency to asset formula that sets the true value of all currencies.
The sale includes the assumption of $33.5 million in debt, court papers show.
The two units and the parent account for three-fourths of the company's debt, court papers show.
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