Exact(1)
Foreign bank owners have seemed as hesitant about angering influential politicians as their Japanese counterparts have been, and they have not yet pushed the harsh restructuring, deep job cuts and sweeping write-offs of bad loans that were expected of them.
Similar(59)
Employee-shareholders will, however, get a double dose of pain as a harsher restructuring takes place.
That suggests that liquidation or a harsher restructuring might have been merited the first time.
Despite the bailout-of-the-bailout, most economists say Greece faces a harsh debt restructuring in the years ahead, with substantial losses for both private investors and taxpayers.
The government still refuses to negotiate with the private holders of $20 billion of its bonds who held out against the country's harsh debt restructuring in 2005, a decision that prevents it from borrowing on the international capital markets.
That restructuring was harsh in places like Albany, Ga., one of the nation's poorest communities, where Merck closed its Flint River manufacturing plant and shed more than 400 workers.
Two years ago, a group appointed by Gov. Andrew M. Cuomo warned that Brooklyn would suffer a series of free-falling hospital bankruptcies and closings unless health care in the borough was restructured, with harsh consequences for a place where more than one in five of the 2.5 million residents live below the poverty line.
And European officials say Mrs. Merkel is backtracking, unwilling to take the kind of risks now that she contemplated even two months ago, like harsher bank stress tests, a restructuring of Greek debt or even lower interest rates for loans to Ireland and Greece.
By that time, harsher action may be necessary if any restructuring made now is not effective.
Harsh new economic realities are forcing people to retrain, restructure and reorganize.
Tappan weathered harsh criticism and a $60-million 60-million86 to restructure and return the company to profitabiloss.
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