Aside from having a higher debt-to-equity ratio than Hyundai, it was particularly dependent on short-term debts.
Asian countries' major short-term debts was one reason for the crisis.
Common requirements include: purpose of the loan, history of the business, financial statements for three years (existing businesses), schedule of term debts (existing businesses), aging of accounts receivable and payable (existing businesses), projected opening-day balance sheet (new businesses), lease details, amount of investment in the business by the owner(s), projections of income, expenses and cash flow, signed personal financial statements and personal resume(s).
The U.S. has swapped its relatively long-term expensive debts for short-term ones with a low interest rate.
But that premium must fall further if Brazil is to be able to honour its debts in the medium term.
Yields fell to around 5.5%, lower than the 7% which is considered to be economically unsustainable for a country to repay its debts in the long term.
That will run up big debts without generating long-term growth.
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The true cost to the country is not a few bad debts but a reduction in long-term investment plans as confidence wanes.
Most officials barely acknowledge that supply-side reforms, such as an overhaul of training schemes to help combat long-term joblessness, or bigger efforts to reduce household debts, might even be necessary.
If you are one of those who rails against the short-termism and excessive risk-taking of some banks and finance businesses, you might note that a public sector financial institution, the Debt Management Office, has taken a reassuringly long-term approach to managing the UK government's debts - and without its prudence, we might all be in Queer Street or Skid Row by now.
And in the short term, regional governments, companies and households are paying down debts.
But keeping these debts on their books, and so continuing to favour existing long-term but often poor-risk customers, is choking off bank credit to those firms which could actually make good use of it.
Currency devaluation largely avoids dealing with the short-term negative consequences of debt deflation in favor of prolonging the period time that the bad debts remain embedded in the system.
The stated intention of this policy is to introduce more inflation as a means to potentially stimulate economic activity, but it also provides a means to pay back the large amassed debts with less valuable paper currency without having to deal with the short-term pain of actual default.
These giant debts triggered the crash of 2008 because creditors refused to roll over short-term loans to banks, and caused the simultaneous recession because banks stopped lending, and have brought about our current economic malaise because our ability to spend and invest is hobbled by the imperative of repaying what we owe.
It predicts that it would boost the economy in the short term but make America slightly poorer than it would otherwise have been by 2019, because the immense debts incurred would have to be honoured.
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Two of its three main hospitals have PFI debts, and the administrator has said that if services are going to become sustainable in the long-term the government will have to cover some of those costs.
The problem is Greece cannot compete or trade or produce its way out of this crisis during the Medium Term Fiscal Strategy: you get structural reform, but at the end a country that cannot borrow or pay its debts, only now its debts are bigger.
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