The legislation also clears the way for a debt swap that would cut about 100 billion euros off more than 200 billion euros of privately held debt.

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If the solution proves off the mark, the firm can swap in an alternative relatively easily.

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In 2009, Jessops managed to avoid administration by agreeing a debt for equity swap with its lender, HSBC, that saw it taken off the stock market.

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In 2001, in a desperate effort to stave off debt default, Domingo Cavallo, the economy minister, forced them to swap bonds (and cash) for long-dated or low-yielding paper.

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Technology veteran Edward Kozel has a simple philosophy about a scourge of the Internet--the peer-to-peer networks that let millions of users illegally swap pirated movies, songs and software: If you can't beat 'em, make a buck off 'em.

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