Securitization made debt restructuring difficult, if not impossible.

That necessitates restructuring both tax and expenditure programs.

Recessions have important cleansing effects, helping to facilitate painful restructuring.

But it is a bit late for the ECB to describe debt restructuring as unthinkable.

The inapplicability of Chapter 9 makes orderly debt restructuring very difficult.

But debt relief of this sort vis à vis European governments or the European Central Bank has been kept off the table.

If this principle prevails, no one would ever accept debt restructuring.

So it is not debt restructuring, but its absence, that is immoral.

Technically, successful financial deleveraging means restructuring their debts and forcing some of them into bankruptcy.

As a result, there is not even the pretense of attempting fair and efficient restructurings.

Here George Soros suggests a bold new tack to restructure the world's financial system.

Of course, others might be tempted to imitate Greece if Greece were indeed better off restructuring than not doing so.

Liberalization could have reinvigorated the rural sector by reversing the collapse in cashew tree planting. In the urban sector, it could have heralded a restructuring of production by promoting more rational investment.

Restructuring the American Chinese relationship will be more difficult to handle than the American European one. Sino American relations are susceptible to hysteria, in terms of American public opinion, and to hysterical manipulation insofar as Chinese public opinion is concerned.

In the urban sector, it could have heralded a restructuring of production by promoting more rational investment.

Restructuring the American Chinese relationship will be more difficult to handle than the American European one.

Holdouts must not be permitted to block orderly restructurings that benefit debtors and creditors.

That restructuring will occur, deficit spending or no deficit spending. So policy needs to acknowledge the fact that there are limits to how fast this restructuring can be accomplished.

Of course, it might be argued that if Greece gets away with an involuntary restructuring, others would be tempted to try it as well.

Why do Greece s creditors refuse to move on debt restructuring before any new loans are negotiated?

So policy needs to acknowledge the fact that there are limits to how fast this restructuring can be accomplished.

In some cases, as in the Ottoman Empire or Egypt, creditors restructured finances by force or the threat of it.

They place their faith in a gradual restructuring and, above all, in the myriad high tech companies now being started by the young.

This includes policies aimed at restructuring the economy, improving productivity, and increasing labor force participation, especially by women.

Officials know that if they wait too long, zombie or near zombie banks with little or no net worth, but treated as if they were viable institutions are likely to gamble on resurrection.

While the Nice Treaty does not permit re structuring the Governing Council, it does allow for change in the voting rule that the Council uses.

Indeed, things will likely get worse before they get better, and it is not at all difficult to imagine a profound restructuring of the eurozone.

Although this included a one time charge for bank restructuring costs, this year the deficit will close above 6 of GDP.

In order to improve its prospects, South Korea must pursue economic reform and restructuring, with an emphasis on maximizing its human capital resources especially women.

Europe pushed to restructure its steel industry in the 1980s and early 1990s, and succeeded mostly.

The role of the AU should extend to cultivating ways to involve the private sector in restructuring both Africa's economy and its politics.

Before Greece took any loans, it should have initiated debt restructuring and undergone a partial default on debt owed to its private sector creditors.

America has a special procedure for corporate bankruptcy, called Chapter 11, which allows a speedy restructuring by writing down debt, and converting some of it to equity.

While today s quarrel is about who should pay for restructuring Greece, the real issue is the latent distrust between the two partners, which carries the danger of a permanent estrangement.

To the extent that government becomes involved in restructuring financial institutions, it should avoid unnecessary wealth transfers from taxpayers to the security holders of the financial institutions.

True, the private sector will have much re structuring to go through and the big deficits have been accumulated in the crisis must be unwound.This will mean a radical re structuring of the state and its services.

But exchange rates do affect the pattern of growth, and it is in China s own interest to restructure and move away from high dependence on export led growth.

But even CACs may not fully help, because they are designed in a way that still allows a small minority of creditors to hold out and thus prevent an orderly restructuring.

Above all, Israel must wonder if the peace treaty with Egypt will hold, and, if not, how to carry out the massive restructuring of its defense posture that will be required.

Ideally, both sides will get their way, but it is difficult to see an endgame that does not involve significant debt restructuring or rescheduling.

Technology and the new economy are immensely popular across Europe because they provide a much better route to prosperity than waiting for government, unions, and bureaucrats to agree on restructuring the old economy.

The Council of Nice in 2000 sought to restructure the Union for the time when enlargement will double its membership to 27. But the Nice meeting failed miserably.

Once again, the clear message to the US was to stop using gimmicks like fiscal stimulus or printing money and instead undertake a serious longer term economic restructuring to boost saving, investment, and net exports.

The Council of Nice in 2000 sought to restructure the Union for the time when enlargement will double its membership to 27.

Indeed, the most curious aspect of the ECB s position was its threat not to accept restructured government bonds as collateral if the ratings agencies decided that the restructuring should be classified as a credit event.