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To address any insolvency, a haircut must be imposed: in the case of Greek bonds, something of the order of 80 per cent may be necessary.

Have you at any time been a party to a deed of arrangement or entered into any other form of arrangement or composition with your creditors?

Investors said the lack of information about the debt standstill, announced on Wednesday, was the key factor sparking the wider turmoil.

The actual debt repayment ability of the U. S. has already collapsed, ' he said.

It has spent recent weeks attempting to turn its repayment into a fait accompli .

Due to the failure of the debtor to fulfil repayment obligations for over two years, collection is still not possible.

Germany, like the United States, may have high debt, but no one doubts its ability to pay.

None of this will work unless the Europeans create a firewall around the solvent governments.

Creditors will pay attentions on corporations' LONG. term solvency to see if their rights can be guaranteed.