Again there is the story of the experience that befell Huang Yüeh, who obtained his chin-shih during the Ch’ien-lung era (1736-96) and rose to become director of the Board of Rites (li-pu shang-shu), equivalent to a minister of education. He went into the compound to take the examination and was sitting in his cell when a girl came flitting down his lane. Her dress was extremely shabby and her hair disheveled, but her face and figure were extraordinarily beautiful.]

To avoid negative publicity, we arrived at an out-of-court settlement.

Its president, Nestor Kirchner, was expected to confirm overnight that about 75% of the country's bondholders had agreed to swap their old debt for new at a loss of up to 70 cents in the dollar—also a record and one that Mr Kirchner has called “the biggest haircut in history” for investors.

If his performance does not improve very soon, his days at this company are numbered.