Q: What do the distressed debt market and the Japanese puffer-fish have in common? A: They're both irresistible - but highly toxic

When; not if. That is the clear consensus on the outlook for a rise in defaults in Europe over the coming 12-18 months, bringing in their wake a surge in corporate restructurings and a rapid expansion in the distressed debt market. That will come as a welcome, if belated, relief for many investors that have prematurely built up positions in dedicated distressed debt funds over the past year or so. In many cases, the resilience and benign credit climate has forced those funds to sit on piles of u

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