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"The government is no longer investing in infrastructure, the municipalities are no longer paying their bills and the companies are in constant need of refinancing from their banks.
In Russia, the lower house of parliament, or the Duma, approved two anti-crisis packages worth $86.0 billion, including the availability of $50.0 billion of state money to the banking system and companies in need of refinancing their debt.
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Disposals delivering the lion's share of refinancing needs would be the key factor dictating whether we have reached a trough in the stock.
But eurozone ministers were adamant that Spain would not need a bailout and was capable of refinancing its banks and keeping within budget constraints without the need for a further EU funds.
That overhang of debt and the need to refinance so much of it swiftly is another reason why the outlook for commercial property remains blighted, says Bill Maxted, one of the authors.Capital values are now dropping less steeply than in late 2008, when they were in virtual free fall.
On the negative, the need to refinance $70bn of bonds over the next three years could nibble at profit margins.
But I think for Greece right now it's getting to be a very dire situation, because they need to refinance some of the churning debt, you know, within the next large number of days.
Banks globally need to refinance about $7 trillion of debt in all maturities by the end of 2012.
Private equity will need to refinance $140 billion worth of these loans in 2014 versus only $21 billion in 2012.
The report will say that financial stresses are likely to continue with the unpredictability of markets threatening the stability of many governments that need to refinance debt.
A number of highly indebted companies need to refinance in the next year, and struggling banks might choose to sell off the loans rather than extend new credit.
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