(CNN) – When is a 'selective default' a default?
Seems like a silly question but it's giving a lot of banks, euro officials, European Central Bank governors, ratings agencies and yes, us mere journalists, a real headache. I'm still trying to figure this all out, but I will give it a go.
We all know Greece can't pay its bills. Giving it more loans and a longer time to pay it all back might give Greece some breathing room, but it means Greece will only have to pay even more money in the long run.
You still have to pick up the can, even if you "kick it" further down the road.
To avoid that, Greece could default, becoming the first Western country in decades to do so, and therefore start again.
Editor's note: The following is a transcript of a video message from the IMF's new head, Christine Lagarde, shared on June 30 and obtained by World Business Today anchor Nina dos Santos.
I am very, very pleased to be able to speak to you very shortly after my election as Managing Director of the International Monetary Fund.
I feel deeply honored, deeply humbled also, by the level of trust that has been expressed by the Executive Directors to lead this formidable institution and its no less formidable staff, which is its greatest value and asset.
I feel very strongly the importance of our coming together. I know that recent events have not been particularly pleasant for any of you nor for the institution as a whole. And I would really work hard so that we can together overcome the feelings to make sure that we actually focus our efforts, focus the institution, in the right track, which is to produce excellent work with good collective focus.
The tables have turned for Garuda, Indonesia’s flagship airline.
Just a few years ago it was heavily in debt, suffering from allegations of corruption and was banned from flying to Europe because of a bad safety record.
Its reputation has taken a battering, but the airline is looking to bounce back and is flying to Europe again and expanding its route network. Next year it will join Sky Team, one of the three big airline alliances.
What does it take to create such a turnaround in a highly competitive business? Emirsyah Satar, CEO Garuda Indonesia, tells CNN what he has planned.
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