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 Post subject: Another way....but its too late
PostPosted: Mon Nov 29, 2010 3:03 pm 
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Neo Landlord

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http://www.economist.com/node/17583123
Quote:
AS IRELAND grapples with its banking crisis, distant Kazakhstan, which dealt with its own blow-up in February 2009, offers an interesting lesson. The Kazakh restructuring, completed in September this year, is unusual because instead of getting a state guarantee, the majority of the creditors of BTA Bank, the biggest problem, shared the pain. Even senior bondholders, who are high in the pecking order, were hit. In most other countries—including Ireland, so far—they have been wrapped in cotton wool, at taxpayers’ expense.
Most BTA creditors were offered a menu of options which included a haircut on their assets, various combinations of senior and subordinated debt, and a small stake in the bank’s equity to keep them interested in its future. The government faced down those who warned that, if senior bondholders and trade creditors were included, the market would ostracise Kazakhstan for years. Around $12 billion of bonds and commercial debt was reduced to $4 billion. The external debt of the Kazakh banking sector, which was 26% of GDP when the crisis struck, has been roughly halved.
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Last edited by yoganmahew on Mon Nov 29, 2010 5:10 pm, edited 1 time in total.
add quote, reduce to snippet, add link


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 Post subject: Re: Another way....but its too late
PostPosted: Mon Nov 29, 2010 3:05 pm 
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Are these your words Mr. Grace, or someone else's? If someone else's, please use quotemarks and post the appropriate link.

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 Post subject: Re: Another way....but its too late
PostPosted: Mon Nov 29, 2010 3:32 pm 
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I believe Mr. Grace is quoting from http://www.economist.com/node/17583123


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 Post subject: Re: Another way....but its too late
PostPosted: Mon Nov 29, 2010 5:11 pm 
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Grizzly Adams wrote:
I believe Mr. Grace is quoting from http://www.economist.com/node/17583123

Thank you Mr. Adams, I hope Bear is treating you well...

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