For years, China’s government encouraged privately-owned companies to engage in cross-border acquisitions, and enabled them with cheap debt. This led to the rise of “gray rhinos,” free-spending companies that have dramatically changed the global M&A landscape. Beijing is now looking to rein them in.
In 2009, Greece was sucked into a vortex of mounting public debt, austerity measures, workers’ strikes, referendums and bailouts that’s still spinning. Last week, Greece and its creditors announced an agreement for more Greek austerity measures in exchange for more bailout funds.