Wall Street Journal
April 14, 2011
When German Finance Minister Wolfgang Schäuble appeared to suggest that Greece may have to restructure its debts, despite the giant bailout it received last year, he wasn't telling investors anything they hadn't long suspected.
That this nonetheless rattled bond markets shows how little faith investors put on the austerity measures Greece has implemented over the past year, its prospects for economic growth and the chances it can return to the bond markets next year.
"Nothing is certain, but the probability Greece avoids a restructuring is very low," said David Owen, chief European financial economist at Jeffries International in London.
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