Eu Breaks Taboo, Talks Of Greek Debt Restructuring

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http://uk.reuters.com/article/2011/05/17/uk-eurozone-idUKTRE74G2WF20110517

Europe's top financial officials broke a taboo on Tuesday and acknowledged for the first time that Greece may have to restructure its debts, a move which could stoke Europe's sovereign debt crisis.

Speaking on the sidelines of an EU finance ministers' meeting, Jean-Claude Juncker, chairman of the 17-country Eurogroup, said there was a need to move towards what he called a "soft restructuring" of Greek debt.

Other officials suggested the term implies debtholders agreeing on a voluntary basis to accept later repayment.

Juncker said Greece first needed to raise 50 billion euros (43 billion pounds) from privatisations and pay down its debts, which now total almost 150 percent of GDP. But in return some form of restructuring of Athens' debt might be considered, he said.

"If Greece makes all these efforts, then we must see if it is possible to make a soft restructuring of Greek debt. I am strictly opposed to a major restructuring," Juncker said.

It sounds a bargain accepting later payment, the Greeks will be good for it.

They are attempting to kick this can down the road by any means possible but the trouble is they can no longer kick it any real distance.

Still I'm sure if we give the Greeks some more debt it will finally end this debt crisis.