The market just hasn’t caught on yet...
4 Responses to “FT: Greece has already begun restucturing its debt”
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AUTOREFRESH 
Well they are selling a stake in their national bank and also trying to sell of islands – i smell something is seriously wrong if they need to do that, they must already know that their austerity measures are not going to be enough.
I recall an EU spokesperson commenting on Friday that there were no plans for any EU nation to restructure their debt. Hmm…
RS, a restructuring is a positive development in that zero coupons buy them time. Do not be surprised if these in turn are replaced with longer term funding through normal issuance. I am not sure why everyone sees this a negative development.
The value of the outstanding debt will certainly plummet. European banks will be taking huge writedowns. Plus, we don’t know how many creditors will be willing to accept the new terms. This is going to put pressure on the debt of the other nations involved in the crisis.