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The reason bondholders are exempt is that senior bondholders represent such a small amount (0.5 bn) so "burning" them would have brought little money and (another) worrying precedent. Given the amount, that seems like a plausible argument, even if the overall package makes it an appallingly bad-looking one.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Mar 18th, 2013 at 06:19:28 PM EST
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