With trillions of dollars in debt acting as a ball-and-chain for much of Europe, the U.S. and the rest of the developed world, must detoxify their balance sheets before hitting the ground running.
When the U.S. Treasury and Federal Reserve Board decided to guarantee bank debt and inject capital into our major banks, it started a chain reaction in several sectors of the bond market.
The chain sprung to life in August 2005 after the sale of its Canadian unit took about a billion dollars ofdebt off its books and swept Canada head EricClausEric Claus into the chief executive role.