Restructuring is the only one way out of this debt mess, and "restructuring means default." Kyle Bass, managing partner of Hayman Capital, told CNBC. He believes that it will be a hard defaul and then will be a hard to stop the contagion. The EZ will have 17 different TARPs in his opinion. In USA it was easier, but in Europe, every zone member will have to baioul it's banks alone. Europe will go in recession and the asset markets will go down, but still banks will not fail as they will be supported at the end.
Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
