Financial Times Claimes Investors & Markets Expect Greek Debt Restructuring

The German issue of The Financial Times noted that investors and financial markets expect Greek debt restructuring. Christian Kirchner stated in a Financial Times article: “Even an expected restructuring of the Greek debt does not shock anyone, any more. On December 23^th, Fitch Rating Agency downgraded the creditworthiness of Portugal and announced that it will re-examine the credibility of Greece. A Greek newspaper wrote that the government announced unofficially debt restructuring in the E.U. and in the ECB. On December 25th, Deutsche Bank’s head economist stated that Greece will not be able to reduce its debt. If Greece shows some progress, the restructuring might happen during 2011.