European Central Bank policymaker Nout Wellink said on Monday that he was open to the idea of extending maturities on Greek debt …
Wellinck said: Restructuring is essentially saying: ‘Send me the bill. We feel sorry for you.’ You shouldn’t do that. Paying the bill hurts.
It may sometimes take longer than expected. It can sometimes lead to a restructuring – but not in the way some advocate it to be – that … leads to a longer maturity of debt.
This isn’t the official position, but some sort of restructuring seems priced in with the yield on Greece ten year bonds at 15.7% today and the two year yield up to 25.9%.
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