BBC News
May 9, 2011
Outside of wartime, serious governments don't default. And if they do, it's a seismic market event. That's why the European authorities will do everything to prevent Greece from going down that path.
But there are plenty of ways to lower a country's debt burden which stop short of a formal default. The question is whether the more benign, voluntary approaches to restructuring can be done quickly enough, or deliver enough relief to the hard-pressed Greeks.
Officials have been looking into this privately since at least the G20 Summit in Seoul; some would say, since the Greek bailout was announced just over a year ago. In fact, there has already been a restructuring of Greek debt, in the decision to lower the interest rate and lengthen the maturity on the bailout funds that Greece signed up for just over a year ago.
More
No comments:
Post a Comment