Economists applauded Argentina s attempt to avoid this outcome through a deep restructuring accompanied by the GDP linked bonds.

Before restructuring Production workshop of rough shaped rollers before restructuring

And we came up with this idea of issuing bonds, press freedom bonds.

MY dividends.

OUR dividends. OURS!

For starters, taking the IMF s preferred creditor status at face value, an IMF loan would entail substituting its non defaultable debt for defaultable debt with private bondholders, because the Fund s money is used primarily to service outstanding bonds.

Acknowledge the need for restructuring

The enterprise prior to restructuring

The enterprise before restructuring

The second phase of restructuring

Restructuring assistance process

Even if the shareholders and bondholders lose everything, with the right restructuring, we can still save the banks and protect taxpayers and workers.

Enterprise restructuring and economic recovery

The different phases of enterprise restructuring Conditions for a successful enterprise restructuring

The different phases in enterprise restructuring

Before restructuring Production workshop of rough shaped rollers before restructuring

After restructuring Production workshop of rough shaped rollers after restructuring

Conditions for a successful enterprise restructuring

Bond markets are easily lulled.

Will the Bond Bubble Burst?

How Scary Is the Bond Market?

The bonds can be structured to mature (i.e., come due) over 25 years, resulting in level annual debt service requirements.

Bond lending involves diversified groups of bond holders, including domestic residents, and can be issued under different jurisdictions.

Germany insists on a deep restructuring at least a 50 haircut for bondholders whereas the European Central Bank insists that any debt restructuring must be voluntary.

Alternatives to a debt restructuring are fast disappearing.

Proposals on debt restructuring frameworks

The Committee Guidelines and Procedures were approved by the Committee at its May 2004 session (see document TRADE 2004 2).

team of specialists on industrial restructuring

Some examples of successful restructuring experiences

Some examples of successful restructuring experiences

There are many ways to approach restructuring.

In January 2005, the Argentine Government presented bond holders with a new debt restructuring deal, involving 152 bonds denominated in six different currencies amounting to roughly 82 billion and subject to eight legal jurisdictions.

Waiting to restructure unsustainable debts would only lead to disorderly workouts and severe haircuts for some private creditors.

Should Bondholders be Bailed Out?

America s Bond Market Blues

I have been thinking about the bond market for a long time.

Savings Bond Inventory

Initial conditions matter in economic restructuring

The Lethal Deferral of Greek Debt Restructuring

4.1.1 Team of Specialists on Industrial Restructuring

Figure 2 The different phases in enterprise restructuring

Bond market vigilantes already have taken aim at Greece, Spain, Portugal, the United Kingdom, Ireland, and Iceland, pushing government bond yields higher.

In 2002, domestic share issues raised 8.9bn, while banks provided twenty times that amount.

The corporate debt market remains tiny.

The issue centres on the sale of mortgage securities.