The Case Studies and the Ten Observations

This chapter looks back over the four cases and connects the interplay of institutions in each case with the Ten Observations. The discussion looks to clarify and reinforce the material influence of deficiencies present in local economic, legal, and political institutions on the nature of an episode of debt distress and the challenges that confront the actors in a subsequent restructuring process. Our “gremlins” are the stars of the drama of this chapter, and our Ten Observations frame the stage.