I think it's good we're going international with this Chrysler deal. The way out of the world's economic problem could be an economic nationalism as emerged in the thirties or a more multipolar world in which countries other than the US have more economic influence and perhaps the latter is inevitable it is just how we get there (and is it a tyrannical Iran or a trading Ireland/China etc). In this case, the involvement of the descendants of the nephews of the inventors of accounting (Italian monks) may be useful. Obama, for his part, is already searching for the Italian stereotype role pointing out that the bondholders 'didn't act in their own interest' (if you know what I mean). Seriously, Fiat only lost $48 million in the last quarter due to cost cutting in a tough market. Maybe they can bring some creative economic solutions.
Update Todd Zywicki has a good legal post on this. Megan McArdle is also following it with some appropriate art.