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Wednesday, April 27, 2011

Greece In Danger of Defaulting

Figures reported by Eurostat on Tuesday show that the Greek deficit (10.5% of GDP in 2010) is worse than the 9.6% estimated by Brussels in February.

As pressure mounts, the yield on Greek debt continues to rise (15.5% on 10 year bonds); thus increasing the likelihood of the Greek government restructuring its debt.

Any restructuring of the debt (even if allowed by the EU) will in effect be regarded as a default on that debt.

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