Coercive restructuring of insolvent banks unsecured debt would be next.

But that begs the question why should an involuntary restructuring lead to worse contagion than a voluntary restructuring of comparable depth? If the banking system were well regulated, with banks holding sovereign debt having purchased insurance, an involuntary restructuring should perturb financial markets less.

The Lethal Deferral of Greek Debt Restructuring

The only alternative is to shift quickly to Plan B an orderly restructuring and reduction of the debts of these countries governments, households, and banks.

So began the restructuring of the sugar industry.

Devaluation and debt restructuring worked.

Then, unless the EFSF pot were tripled a move that Germany would resist the only option left would become an orderly but coercive restructuring of Italian and Spanish debt, as has happened in Greece. Coercive restructuring of insolvent banks unsecured debt would be next.

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

If the banking system were well regulated, with banks holding sovereign debt having purchased insurance, an involuntary restructuring should perturb financial markets less.

But that begs the question why should an involuntary restructuring lead to worse contagion than a voluntary restructuring of comparable depth?

Initial conditions matter in economic restructuring

Painful restructuring is sure to follow.

Of Banks and Bailouts

The End of Banks?

Most important, no restructuring of Cypriot banks appears imminent on the contrary, the intent seems to be to keep large depositors from fleeing and preserve the highly risky system.

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

By insisting on its voluntariness, the ECB may be trying to ensure that the restructuring is not deep but, in that case, it is putting the banks interests before that of Greece, for which a deep restructuring is essential if it is to emerge from the crisis.

The whole point of restructuring was to discharge debt and make the remainder more manageable. If the bonds were acceptable as collateral before the restructuring, surely they were safer after the restructuring, and thus equally acceptable.

Calls for immediate debt restructuring went unheeded.

Defaulting, restructuring, changing the terms has consequences.

Fiscal consolidation and the abrupt closure and restructuring of inefficient banks and state enterprises would, after all, constitute a powerful brake on short term growth, threatening social peace and political stability.

The restructuring of economies away from finance will necessarily take some time.

1. Formulation of a new military doctrine and restructuring of education in military training

There is, moreover, little evidence that a deep involuntary restructuring would be any more traumatic than a deep voluntary restructuring.

Securitization made debt restructuring difficult, if not impossible.

Alternatives to a debt restructuring are fast disappearing.

That necessitates restructuring both tax and expenditure programs.

A country drowning in debt needs debt restructuring.

And Greece is in the throes of a humanitarian crisis today because the inevitable restructuring of its debt has been used as an excuse for postponing that restructuring ad infinitum.

These restructuring efforts created the ideal conditions for the introduction of new technologies.

If the bonds were acceptable as collateral before the restructuring, surely they were safer after the restructuring, and thus equally acceptable.

On the verge of civil war, Iraq just announced a restructuring of its foreign debt.

What is needed is coordinated restructuring and policy setting.

Europe also needs a restructuring policy for land use.

Fifteen of the largest banks choose Russia

The banks rob people, and people rob the banks.

After a decade of enterprise restructuring, the United States has ushered in the era of the internet.

Neither does it preclude the use of activist trade and industrial policies in pursuit of economic restructuring.

The vast majority of countries have called for the creation of a framework for sovereign debt restructuring.

Restructuring gives banks a chance for a new start new potential investors (whether in equity or debt instruments) will have more confidence, other banks will be more willing to lend to them, and they will be more willing to lend to others. The bondholders will gain from an orderly restructuring, and if the value of the assets is truly greater than the market (and outside analysts) believe, they will eventually reap the gains.

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

But increased competition, restructuring, and new technologies inevitably displace workers.

Debt restructuring would have given Europe the reset it needed.

That restructuring will occur, deficit spending or no deficit spending.

If most investors accept this offer, the restructuring occurs successfully.