More details on Greek Debt Restructuring

We could call it a "soft" restructuring. Or just call it a "default" ...

From the WSJ: Greek Debt Plan Gains Support

Support among European governments is building for ... probably ... what would be the first default of a euro-zone nation in the common currency's history.
...
Under the proposed plan, the 17 euro-zone governments would ask Greece's creditors to exchange their soon-to-mature debt for debt with a longer maturity, a process that could begin as early as July after finance ministers approve the new Greek aid package at their meeting June 20 ... A German finance ministry paper ... proposes a seven-year extension on maturing debt.

We will see tomorrow if this plan is seen as a positive for short term debt - the Greek 2 year bond yields fell sharply on Friday to 22.8%. Here are the links for several countries (source: Bloomberg):

Greece	2 Year	5 Year	10 Year
Portugal	2 Year	5 Year	10 Year
Ireland	2 Year	5 Year	10 Year
Spain	2 Year	5 Year	10 Year
Italy	2 Year	5 Year	10 Year
Belgium	2 Year	5 Year	10 Year
France	2 Year	5 Year	10 Year
Germany	2 Year	5 Year	10 Year

Earlier ...
? Summary for Week Ending June 3rd
? Schedule for Week of June 5th

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