It was not an easy way out: restructuring works only if accompanied by tough reforms to increase the country's ability to repay, Mr Carstens says.One of the reasons Europe's policymakers worry about default is its impact on the banks that hold the debt.
"It's a bureaucracy, and to see whether the restructuring works, you're going to have to see how the money and approval process changes," said an American worker at the bank, who spoke on the condition that she not be named to discuss her employer candidly.
This paper argues that for us to appreciate the way restructuring works in practice, we need to recognise that any shift in organisational form requires an accompanying cognitive orientation.
I have done some restructuring work".
Yet the restructuring work is far from over.
It has expanded beyond its origins in restructuring work, adding more traditional management consulting work.
About 60% of Lazard's fees, expected to fall to $250m this year, come from restructuring work.
Encouragingly, many big firms have already done some of the toughest restructuring work.
Since midsummer, he said, the pace of restructuring work has picked up notably.
Hence restructuring work could fundamentally change job satisfaction and industrial relations.
