By STEPHEN J. LUBBEN
Just when the world of restructuring was becoming dull, the world responded with a wave of financial distress. That sounds like bad news for most people, but for the cognoscenti of financial misfortune, it’s like an early Mardi Gras.
Starting in Greece, there is a story that, if not quite Mycenaean, is at least getting old. The country, you see, will probably need another bailout. Greece has already negotiated two bailouts worth 240 billion euros, or about $329 billion, with the European Commission, the European Central Bank and the International Monetary Fund, but the country now agrees that its banks need at least $6 billion to $7 billion. Everyone else says the number is closer to $20 billion. That sounds like small potatoes to those steeped in United States financial institutions, but remember that the Greek banking sector is probably close to the size of New Jersey’s. A third bailout cannot be too far behind. . .