And governments might themselves throw in the towel and restructure their debt, perhaps in the face of pressure from their hard-pressed populations.

But over time, countries in difficulty economic situations have needed to restructure their debt structure, or see its national economy collapse.

A court will appoint a judge and an administrator to oversee talks on restructuring the debt, along with a second administrator to represent the creditors.

More work on restructuring his debt, and more legal action.

United, meanwhile, announced plans to raise 500 million to restructure their debts after paying out 41.9 million in interest during the past financial year.