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That left Harrisburg with far more limited forms of restructuring assistance available under state statutes.
Deutsche Bank A.G. and insurers like Allianz A.G. and Munich Re have more than $100 billion in such holdings, and the cross-holdings have slowed corporate takeovers and other forms of restructuring.
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He was aware that a restructure – which would inevitably entail redundancies – would not be universally popular: "Any form of restructuring however light it is, is always detested.
If, and it's a big if, these examples are any guide to reality at all, an efficient personal insolvency mechanism is clearly the first step towards resolving the debt crisis, with a subset receiving some form of restructuring.
Behind the scenes Germany has been pushing for Greece to "reprofile" its debt a soft form of restructuring that would leave principal and coupon payments intact but extend bond maturities.
Under the umbrella term "debt restructuring" there are various options, ranging from writing down the value of the debt by a set amount, known as a haircut, to rescheduling when the debt will be repaid, which is a softer form of restructuring.
In Ontario, this form of restructuring involved the implementation of 14 Local Health Integration Networks (LHINs), which are geographically bound health planning regions in the mid-2000s, to improve the integration of health services and to include local citizens in health care decisions.
First, Lagarde sided with the European Central Bank in opposing any form of restructuring of the Greek debt.
Still the feeling is growing that some form of restructuring is crucial.
But the recession has strengthened the hand of reformers.The most widespread form of restructuring is the easiest: cutting staff.
Behind these tensions lie dangers for the euro zone, with analysts worried that large-scale recapitalization of the banks, or some form of restructuring of Greek sovereign debt remains likely.
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