Restructure of Greek debt ?
German sources have indicated today that a restructure of Greek debt will likely occur before the end of summer, finally giving a time frame to recent speculation that has played hazoc with the euro. Most expect that Greece will not make it through the summer without a restructuring, that does not mean that the EU is striving for such a step yet it will probably not be avoidable.
No information regarding the form of pressure that would need to be exerted to force Greece to restructure its debt and no information regarding the form a restructuring could take. The comments sent the euro to its lowest level against the dollar since April 7th.
Athens once again reiterated it had no plans to restructure its debt yet but markets speculate that some form of restructuring is on the cards.
The IMF, ECB and EU Commission will examine in June whether Greece has met the prerequisites to receive the next tranche of its 110 billion euro bailout package.
The euro has moved off it's session lows and this could be seen as positive news for Euroland.
