Restructuring is the only way out of this debt mess, and "restructuring means default," Kyle Bass, managing partner of Hayman Capital, told CNBC Wednesday.
Some other quotes from Kyle Bass:
"The world seems to think they're going to have an orderly default," he added. "I've never seen an orderly default."
A year from now Europe will be going through the "dominoes of hard restructuring,"
"[The euro zone is] going to have to have 17 different TARPs; we're not going to have one super-TARP. That means we're going to be in recession
"This period we're about to go through, a lot of people are going to lose a lot of money."
Below is the full video:
About the author:
Jacob WolinskyMy investment ideas have been inspired by many of value investors including Benjamin Graham, Charles Royce, John Neff, Joel Greenblatt, Peter Lynch, Seth Klarman,Martin Whitman and Bruce Greenwald. .I live with my wife and daughter in Monsey, NY. I can be contacted jacobwolinsky(AT)gmail.com and my blog is www.valuewalk.com
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