The financial agency Bloomberg has published today that restructuring in Greece is already late and that this delay is not a choice, as the debt situation is getting worse and worse. “It would be better if Greece imposed a 40% or 50% loss for bond-owners this year instead of a 70% or 80% in 2013”, reports Matthew Lynn. The journalist marked that the efforts of Europe to save Greece are in vain. It was about a year ago when Greece asked for its partners’ in the Euro zone for help, but “This anniversary has no cake, no part, no music, since the situation remains gloomy”, he mentioned. “Greece has to celebrate this anniversary in a different way-with the announcement that it is going to get rid of a part of its debt”, the article says, underlining that the yields of Greek bonds have been catapulted to new high levels and the cost of insuring against bankruptcy danger has been increased in record levels. The article goes on by saying that the country needs a “haircut” as soon as possible, adding that as long as the bankruptcy is accepted in the Euro zone, then a logical discussion on how the currency can be strengthen will be able to start.
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