He added, "Consumers are still retrenching and paying down debt, not extending debt burdens".
A third bail-out may nod towards this by, for example, further extending debt maturities.
Those transactions allowed the issuers to capture discount associated with below-par trading prices while extending debt maturities.
Both companies are seeking promises from Enron's bank lenders to extend debt repayment dates until after the merger closes.
He also said the scope for milder forms of debt relief, like extending debt maturities, was "not very big", Reuters news agency reported.
They are campaigning for a new form of money creation, one that doesn't rely on anti-social institutions (banks) extending debt to people buying overpriced houses.
In 2005, at that year's UN meeting on financing the MDGs, Chinese president Hu Jintao extended debt cancellation to poor countries outside of Africa.
Such a proposal, which was successfully used by Uruguay in 2003, would, in theory, minimize banking losses and extend debt payments further into the future, easing Greece's financing burden in the near term.
Rather than just extending debt maturities, Ukraine must be allowed to impose a write-off on most of the principal that its private creditors are owed, without jeopardising external funding.Poland also points to the need for generous funding.
If banks are willing to extend debt of six times earnings before interest, tax, depreciation and amortization, a buyer would need to come up with about $3.8 billion in equity.
