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Optimising Distressed Loan Books: Practical solutions for dealing with non-performing loans by John Michael Sheehan

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10. Recent Developments In Distressed Debt

A number of long-term global economic and political shifts have occurred that have their origins in the removal of trade barriers, deregulation and the global spread of IT. The original idea of globalisation was to connect the world, improve efficiency of movement of goods and people, and thereby grow the size of the world market. This aim has been fulfilled but, in addition, there have been a number of major, unintended consequences that are still unravelling. The financial sector in particular has been transformed over the past decade. The result of new innovation running ahead of itself was an enormous build up of hidden risk in mature, Western markets that has metamorphosed into distressed debt. ...

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