'The last free lunch': PBOC's Zhou had early qualms on debt swaps
October 17, 2016 Wall Street Journal
Director of the Watson Institute Edward Steinfeld comments on the 1999 bail out program in China that lauded by some officials and criticized by others. "Governance remained utterly unchanged,” Steinfeld said. Companies that swapped out their debt mostly ignored their new shareholders, and those shareholders were leery of getting too much in the way, Mr. Steinfeld said.