Credit Crunch!

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FT: No comment. Why are we waiting? WorldCom has gone belly up, Vivendi is splitting in two and most of the major European telcos have swallowed the bitter pill of rationalisation, recapitalisation or restructuring. Even the laggard Deutsche Telekom has at least opened the medicine bottle – replacing Ron Sommer as the company’s CEO and aiming to reduce its debt to €50 billion by the end of next year.

But not France Télécom. The most heavily indebted telco (close to €70 billion and ris

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