The reason so many projects are in trouble today is because they were structured up front with too little equity, sometimes borrowed by the promoter from elsewhere. And some promoters find ways to take out the equity as soon as the project gets going, so there really is no cushion when bad times hit.
Today, I will share my views – which also reflect some of the concerns of Japanese market participants – on critical issues regarding the euro in three time horizons: short, medium, and long term. II. Short-term challenge: crisis containment  Let me start with the short-term issue of crisis containment.