With Clear Channel's stock trading well below its buyout value, lenders to the private equity consortium now face the prospect of lending far more than the current market valueofthetarget company, and at a time when banks are already nervous about making loans.
To start with probably the least important aspect of all this, I am surprised by how little emotion has been sparked by Mr Carney's remarks, that there might be a case for replacing narrow inflation as a target with nominal GDP target, or the cash valueof annual economic output.