It looks as though Sarkozy’s position on restructuring of Greek debt is beginning to evolve. He know says he favors private-sector “burden-sharing”.
“France will not use the word ‘restructuring’,” Sarkozy declared.
“We must not envisage this reality.”However, if the issue is whether the private sector can “share part
of the burden, we are not at all in ‘restructuring’,” he said. “There is
no problem….It’s the direction to which each side should converge.”
The ECB remains adamantly opposed to any sort of reprofiling/restructure of course, but the politicians seem to finally be in agreement that the status-quo is unsustainable.
Timing of any sort of move toward “burden sharing” remains an open issue
