Editor's Comment: Greek lesson to be learned from Pindar pre-pack sale.(Editorial)

Pindar's sale, as PrintWeek went to press, brought to mind the financial crisis in the Eurozone, which has led to another bailout for the heavily indebted Greek government. This has rightly been termed a 'selective default' by ratings agencies, resulting in further downgrades for Greece's already junk-level bonds.

The Greek bailout is itself reminiscent of a CVA in that creditors have agreed to take a haircut on their debt in order to facilitate a refinance and avoid a more significant default. However, as with most CVAs - particularly in print, this is not a plan that can work. Greece is insolvent and no amount of additional loans will serve to correct that, particularly when …