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Post Financial Trauma –Challenges for theCommunications Value Chain
 James EnckSenior Partner28 October, 2009
 
 The Legacy
National budgetsstressed, consumertraumatized,enterprise cautious
$4trn in distresseddebt worldwide,more to come
Corporate defaultrates 11.5%, highyield recovery rateshalf the 30-yearaverage (23% vs.
 
Recovery: Pick a letter, anyletter
: .
Source SmartMoney com 
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