graham, someone will be making loads of $$$ out of all this. The distressed debt people (Goldman Sachs, the hedge funds, etc) thrive on this stuff. Just an example of distressed debt, for those interested: Redcape (ASX:RPF) which i am thankfully out of, will be paying the junior lenders (ANZ bank et al) a total of $10m from $70m owed by RPF. Also, on a share note, RPF holders will be paid 2.59c for their shares, whereas the NTA of RPF is 27c or close to that (GS were going to pay out 8c, and RPF refused that, so now holders get 1/3 of that). Beware the distressed debt people.
On a global note, the IMF used to bail out African countries, and now it bails out Europe. It's a new world.
