"The fact that private banks own considerable shares in European government bonds and risk a major share of their equity in this market makes a restructuring more difficult than otherwise," Kai A. Konrad, an expert in tax law at the Max Planck Institute, wrote in a paper co-written with Holger Zschäpitz, a reporter for the newspaper Die Welt.
The plan does not reduce that and French machinations to roll some private-sector debt into a "voluntary" package of cash and long-term bonds may make an eventual restructuring harder (see article).
Removing debt held by private holders and replacing it with strict obligations to the EFSF could make an eventual restructuring harder, should that prove unavoidable.Whereas excessive public debt in Greece has arisen from years of public profligacy, Ireland's problem has been made acute by the unbearable cost of propping up its oversized and undercapitalised banks.
Greece's debt managers are also finalising a €135 billion package of debt swaps and rollovers for private-sector investors which would allow the country to delay the repayment of about one-third of its bills for up to 30 years.The scrambling might be enough to allow Greece to escape immediate default; but it will also make a more brutal restructuring in the future much harder.
That makes a classic restructuring, complete with redundancies and cost-cutting, unlikely.
Optimists in Athens argue that if the EU leaders make a firm commitment to restructuring Greece's bloated public debt, now an unsustainable 180% of GDP, Mr Tsipras will be willing to make concessions on protecting pensions and wages.
They'd make an announcement about a restructuring, but then sort of vanished from the internal spotlight for a while.
People close to AT&T have said that the chairman, C. Michael Armstrong, wants to make a decision on any potential restructuring by the end of this fall.
The Nets have been restructured to make a championship run, and this will be their initial obstacle.
The lower court on June 27th ruled that in the absence of a settlement with the holdouts, Argentina's deposit of $539m in a trustee's account in order to make a scheduled payment on its restructured bonds was "illegal .Many neutrals might agree with Ms Fernández that "vulture" funds—as specialists in distressed debt are known are not socially useful.
