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ITV's financial concerns are compounded by its wider debt position.
This week, Mr Cavallo talked of a wider debt swap involving international creditors.
If they owe you money they are likely to owe other people – you need to understand their wider debt problems.
When the international community decides to begin tackling the wider debt problem, it should follow several simple maxims: avoid radicalism and bad precedents; promote an orderly, market-friendly debt repayment schedule based on financial analysis; and encourage creative solutions, including debt swaps.
Spreads on commercial mortgage-backed securities have widened with the turmoil in the wider debt markets and the cost of commercial mortgages has risen, even as real estate fundamentals are improving.
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Mr. Trichet repeated his opposition to the idea of Europe-wide debt issuance to spur growth.
If a wide debt restructuring occurs, will Europe have its Lehman moment?
Does a Greek debt write-off spark the demand for a Europe-wide debt restructure, the abandonment of austerity and a return to expansionary public spending?
Since the comprehensive, economy-wide debt bubble of the aughts burst spectacularly in September 2008, Americans, we are told, have rediscovered their inner skinflint.
Embarrassment of riches Carrots dressed as sticks Floating all boats Bridging the gulf Salt sellers Policy punchbags Digging out of debt ReprintsThe picture McKinsey paints is one of concentrated (albeit large) credit excesses rather than economy-wide debt binges.
So the UK is a nation of spenders, not savers, and this high level of economy-wide debt is one reason the economy was particularly vulnerable to the global financial crisis.
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