FT is praising Kazakhstan for handling financial crisis: "demand that creditors absorb all, or part, of the losses"

"...what has just occurred on the Kazakh steppes is looking surprisingly relevant to this hand-wringing about European banks and US reform. Until recently it was generally assumed in the emerging market world that when a bank ran into problems it would either be bailed out by the government (or, more likely, the International Monetary Fund) or go spectacularly bust and close its doors...

...0ption, as demonstrated in Kazakhstan, is to demand that creditors absorb all, or part, of the losses, even as the bank remains a going concern. And indeed, this is precisely the idea that is now starting to gain traction in some regulatory quarters."

http://www.ft.com/cms/s/0/050d003a-6f4a-11df-9f43-00144feabdc0.html