But the result is that foreign creditors have a right to be more suspicious of debtor countries.

ECONOMIST: Central banks and the bullion price

Now Greece needs another rescue, default is nearer and the Germans and Dutch, threatening to stand in the way, want private creditors to contribute right away.

ECONOMIST: Charlemagne

Merge might not be the right word as the creditors and shareholders of American Airways will end up owning 72% of the combined company.

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Those calling for immediate action may be right that losses should fall mainly on creditors in the form of higher inflation and fiscal transfers since the alternative of forcing citizens of indebted countries to bear the cost of adjustment is politically impossible and likely to lead to a collapse in the euro.

WSJ: France Is Biggest Obstacle to Solution

Just keep in mind that they would be co-owned with your partner right away and could be subject to their creditors.

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It is part of continuing moves by the centre-right government to cut costs and ensure more bailout money from international creditors.

BBC: Greek parliament approves 15,000 civil service job cuts

An agreement in principle with banks and private-sector creditors that the Greek government will pay them back only half what they are owed came right at the last moment.

BBC: Eurozone: Now for the hard work

So if we do our job right, there really shouldn't be any significant losses because, again, the unsecured creditors and shareholders will be exposed for complete loss and even secured creditors will be protected only to the extent they have good collateral.

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