Nevertheless, the concept keeps popping up that the Greece and perhaps even other weak countries European Union such as the Ireland and the Portugal, will be forced to restructure.
A year after he is rescued from failure of a rescue package of EUR 110 billion is approximately 157 billion of its European partners and the I.M.F., the Greek economy continues to sag under 340 billion euros of debt. The Greece budget deficit should be 8.4% of the gross domestic product this year, compared to a mandatory target of 7.5%.
Bond markets noted that economists, and German politicians, have emphasized restructuring solution which requires debt investors and banks to take a loss on their holdings of debt. On Monday, the performance of the 10-year Greek bonds peaked 14.3%. Yields on the Spanish and Portuguese debt also turned as electoral gains made by one person in Finland fed with concern that a possible to save $ 80 billion euro plan the Portugal - which requires unanimous consent by the countries of the European Union - could be compromised.
Which reflected an emerging vision, although he did not yet officially declared, it makes little sense for the Monetary Fund and the European Union to hold ready money in Greece so that the Government can reimburse the private investors for interest rates to two figures - especially as Greek citizens suffer the effects of a severe austerity program.
"Behind the curtains, they are looking for a smooth restructuring," said Theodore Pelagidis, Economist at Athens and the author of a recent book on the collapse of the economy, Greek. "The fundamental reality is that we cannot service debt, and if the Greece is not a radical solution, it will consume itself."
Restructuring supporters say banks have had more than a year to prepare to sell positions to loss or raise capital. Markets, supporters, have already taken into account in restructuring, then why wait until 2013 for investors to take their first losses, as proposed by European leaders in the structure of future bailout funds?
Until recently, France and Germany - and especially the European Central Bank - have been firmly opposed to any restructuring that would require investors to take "a cutting of hair", or reduced yields, due to the effect that this might have on French banksGerman and Greek.
Lately, however, there were signs closed both minds are open to alternatives.
German Finance Minister Wolfgang Sch?uble suggested the possibility of a restructuring Greek week last in comments in a German newspaper. He also alluded to a study of the European Union who come on the viability of the Greek debt that guide the conduct of Europe on the issue.
We know not what will be the conclusion of the report, should be published in June. An option which attracted the attention, however, is a plan that would ask the holders of bonds to trade in their current paper for debt with lower rates and longer maturities.
Such a proposal, which has been used successfully by the Uruguay in 2003, would, in theory, minimize Bank losses and expand debt payments more far in the future, the burden of financing of the Greece in the short term.
"It is to be spoken, and the official sector should want to do this, said Lee c. Buchheit, a lawyer for Cleary Gottlieb Steen & Hamilton, who has worked on transactions dating back to the 1980s for the restructuring of the debt.". In the case of the Greece, however, "the concern is that it may not go far enough." "It is a country where the debt is 150 per cent of G.D.P.."
Mr. Buchheit, who has recently co-authored a book on the possible changes in the Greece debt crisis, says an approach as this would be similar to a solution reached on the debt of Latin America in the 1980s in that he would give to creditors and debtors more time to prepare for a possible restructuring.
But before that banks accepted such an agreement, they would need more money, which, in the current political context, it may be difficult to find.
They also need to be satisfied for, indeed to increase their exposure to the Greece when the efforts of the country to revive its economy appear to be arisen in the ongoing difficulties in the collection, that he needs to reduce its deficit.
As a country where began the debt, the Greece crisis remains the focal point of the concerns of investors. Tax increases and spending cuts imposed by the Greek Government as part of its rescue plan dug a pervasive gloom in Athens. Some economists now provides that Greek growth will plunge 2 to 3% in 2012, after a retraction expected 4% this year.
Such a double-dip would decrease unemployment, already about 14 percent, to Spanish levels by approximately 20 percent and complicate the task of the Greek Government to persuade its citizens to sacrifice more.
With EUR 25 billion that the Greece must raise public markets in 2012, the pressure builds on Athens to find a solution which somehow more also share the pain.
"The Greece is a symbol of the crisis," said Mr. Pelagidis, the Economist. "Should not other rescue plan - we need creditors to take a hit.".
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