No that the risk of a debt restructuring for Greece are being priced out of the market, jitters are receding dramatically. Hard-line comments from German officials early into the week sent the markets into a panic but those fears are rapidly subsiding, though much damage has been done along the way.
The German Bankers Association (which has a vested interest in no debt restructuring–its members want to be repaid 100 cents on the euro– says restructuring is not an option.) Critics will call this another backdoor bailout for the banks. Indeed it is. And we all get to pay, if we live in an IMF member country.
The German Bankers warn of contagion if quick action is not taken on Greece.
EUR/USD range trades at 1.5253.
