Thu nhập từ GTM là trong dòng và hầu hết các ước tính hiện nay là một loại quảng cáo thổi phồng, để lại viễn thông tiếp xúc với khoản nợ khổng lồ. UMTS công nghệ trên quy mô lớn là ít nhất vài năm, và để có được nó sẽ đòi hỏi một sự đầu tư gia tăng viễn thông ở châu Âu một mình một số đồng tiền chung châu Âu 160 tỷ ($ ). | Challenges of Liabilities Management Income from GTM is way out of line and most current estimates are a sort of hype leaving the telecoms exposed to huge debt. UMTS technology on a mass scale is at least several years off and to get going it will require an added telecom investment in Europe alone of some euro 160 billion 145 billion . Experts suggest that of these additional euro 160 billion at least 100 billion 92 billion must come from bank loans bonds and other sources of credit further increasing the telecoms leverage and their unmanageable liabilities. The irony here is that those European governments that did not rush to cheat the telecoms with their UMTS license auctions have to forgo illicit profits as the treasury of the telecom companies has been depleted and future income must be dedicated to servicing huge debts. Statistics help one appreciate how high the servicing of ill-conceived debt is standing. From July 1998 to December 2000 as a group the largest international telecoms have borrowed about 400 billion from international banks. In 1999 alone European telecoms added 170 billion in new bank loans to their liabilities. In 2000 financial analysts suggest they would have exceeded that score but they were saved from their appetite for liabilities by the credit crunch. message from the bubble in the fall of 2000 Bubbles created through leveraged business activity can best be appreciated from their aftermath after they burst. Up to a point and only up to a point they might be predicted if one is to learn from past experiences and to project what we learn into the future. This ability to prognosticate is to a substantial extent a feeling and an art that often points to bad news. Therefore not everyone likes hearing bad news. Liabilities have to be managed and the prognostication of trends and pitfalls is just as important as in the case of managing assets. In 2000 the huge debts incurred by European telecom companies most of them still majority .
