http://www.bloomberg.com/news/2011-06-22/papandreou-budget-hole-threatens-to-swallow-europe-defies-debt-crisis-fix.html
The 256 billion euros in aid committed to Greece, Ireland and Portugal have done little more than buy time against a looming default, says Andrew Balls, Pacific Investment Management Co.’s head of European portfolio management. The cost to insure senior debt of 25 banks and insurers has climbed to 162 basis points from 120 on April 8, according to JPMorgan Chase & Co. prices. Insurance against a sovereign default, the most expensive in the world, indicates a chance of more than three in four that Greece will be forced to restructure its debt.
The 256 billion euros in aid committed to Greece, Ireland and Portugal have done little more than buy time against a looming default, says Andrew Balls, Pacific Investment Management Co.’s head of European portfolio management. The cost to insure senior debt of 25 banks and insurers has climbed to 162 basis points from 120 on April 8, according to JPMorgan Chase & Co. prices. Insurance against a sovereign default, the most expensive in the world, indicates a chance of more than three in four that Greece will be forced to restructure its debt.
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