Wednesday, April 20, 2011

Rumour Mill - Greece To Restructure This Weekend

Greek 10-year spread hit fresh record high at +1131bps vs German Bunds earlier on continued speculation in the market of a debt restructuring, as soon as this Easter weekend. There is talk of a haircut of between 40-50% in order to make Greece's debt sustainable. Even if this happens, I don't think it is enough to knock the USD from the ugly duckling crown of the forex market.

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