In Syracuse a number of projects touted as economic development subsequently have required bailouts, reworking, further tax abatements or debt restructuring--even, embarrassingly enough, the headquarters building of the Greater Syracuse Chamber of Commerce.
It refused to countenance a default by Greece, or even debt restructuring, for fear of market contagion.
Will investors have to chip in with debt restructuring or even bond defaults?
That would include mortgage debt which is forgiven as a result of foreclosure, as well as debt restructuring, short sale or deed in lieu of foreclosure, so long as the debt is associated with the purchase, building or improvement of your main home and even if that debt is considered recourse debt.
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He has yet to specify whether he will default on the debt, or seek a voluntary restructuring.
They may not be restructuring Indonesian debt or South Korean banks, but they are making lots of money all the same.
Knowing this may influence the decision about whether the EU and IMF should require Greek bond holders to share in the pain with some form of debt restructuring, re-profiling or default.
With the PSI out of the way, all eyes were on the ISDA and their ruling on whether the debt restructuring would constitute a credit event or default.
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The small but influential firm buys the equity or debt of troubled companies and then uses its influence to push for restructuring.
DB, Societe Generale and BNP Paribas clearly own significant amounts of PIIGS debt and seem to be at risk with a restructuring or default, in addition to risks of potential wider contagion.
The country is quite capable of restructuring this debt in such a way that bondholders eventually could be made whole--or almost whole--in the years ahead.
An orderly debt restructuring for a country within the euro zone would not be the end of the world, or indeed of the single currency.
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