Category: Restructuring

Desperadoes: Part 2, why don’t you come to your senses?

30 November, 2012 (11:36) | Bankruptcy, Banks, Catalonia, Deed-in-lieu, Ecosystem, Eurozone, Foreclosure, Global news, Homeownership, Markets, Restructuring, Short sales, Spain, Workouts |

By:David A. Smith   [Continued from yesterday's Part 1.]   In yesterday’s post, which used an intriguing Wall Street Journal (November 11, 2012) article on the possibility that Spain will reform its antiquated and self-defeating mortgage-damnation system, we saw that under current Spanish law defaulting borrowers can never escape their debts, with destructive consequences that […]

Desperadoes: Part 1, your pain and your hunger, drivin’ you home

29 November, 2012 (11:34) | Bankruptcy, Banks, Catalonia, Deed-in-lieu, Ecosystem, Eurozone, Foreclosure, Global news, Homeownership, Markets, Restructuring, Short sales, Spain, Workouts |

By:David A. Smith   When a system becomes swamped by the scale of failure, then its anachronisms become exposed and its previous protocols break down.  But what comes after, when the situation is desperate?    Desperado, why don’t you come to your senses? You been out ridin’ fences for so long now Oh, you’re a […]

Government animals are more equal than others: Part 2, property rights are human rights

24 January, 2012 (11:25) | Capital markets, Credit default swap, Default, Eurozone, Global news, Greece, IMF, Restructuring, Sovereign bankruptcy |

[Continued from yesterday's Part 1.]   By:David A. Smith   Yesterday we saw that Greece’s puppet masters appear to be compel private bondholders to take a severe loss but to exempt the European Central Bank from that selfsame loss, on the theory (though that’s not how the New York Times put it) of protecting one’s […]

Government animals are more equal than others: Part 1, creditors’ rights are property rights

23 January, 2012 (10:31) | Capital markets, Credit default swap, Default, Eurozone, Global news, Greece, IMF, Restructuring, Sovereign bankruptcy |

By:David A. Smith     In the two months since I pronounced sentence on it (“The euro is over.  Either that, or European democracy is“), the Eurozone has postponed disorderly default only through a series of progressively more contorted, dubious, and anti-democratic measures, of which the most recent was reported backwards by the New York […]