Instead, the armed forces could be restructured from offensive fighting to a force for protection.
With this reform program in place, the government should then negotiate some debt restructuring, which could be based on lengthening debt maturity and fixing interest rates to the current low levels.
But he said it also provided an opportunity to restructure polluting industries, such as America's automakers, which could be pressed to make high-mileage, low-emissions vehicles.
Apollo would purchase distressed securities which could be converted into a controlling interest in the equity of the company through a bankruptcy reorganization or other restructuring.
Among them: Siteserv, a construction site facilitator; Topaz, Ireland's main gas station retailer; and Dublin-based Beacon Hospital, which he acquired in 2014, reportedly from a subsidiary of Royal Bank of Scotland after the hospital's debts couldn't be restructured.
Bloomingdale's, which Macy's owns, will not be restructured for now.
Initially, there will be job losses at the banks which are being restructured.
The emerging budget deal, which could reach into scores of complex federal programs that will have to be restructured to produce the savings, creates a whole different set of problems.
The exposure of European banks to debt from these countries exceeds $700 billion, and the extent to which banks could survive a big loss if these debts were to be restructured has been a longstanding worry for investors.
European banks hold more than $700 billion in debt from those four countries, and investors have long worried about the extent to which banks could survive a big loss if these debts were to be restructured.
