This is still quite a big step away from the sort of rescheduling of bank-to-bank private debt that would have been relevant in the Asian case. But at least this is moving in the right direction. We all should support these efforts.
By contrast, there is a natural hedge for most companies, in particular for companies borrowing internationally or subsidiaries receiving I/C loans. BIS Review 82/2009  9  The risk of substantial depreciations already materialized in the recent past.