There will be no restructuring of Greece debt because that might hurt the banksters. Goodness, we can’t have that, better that an entire country be impoverished instead.
“‘A Greek debt restructuring is not the appropriate way forward — it would create a catastrophe’ because it would damage the banking system” said ECB Executive Board member Juergen Stark before slithering off leaving a trail of ooze behind him, searching for new countries to rape and impoverish.
Bonds are by definition an investment where you can lose money. European banks knew damn well Greece was cooking their books yet bought dicey Greek bonds anyway. If the debtor can’t pay, it is common for bondholders to take a haircut on their investment. But this is not allowable from the corrupt greedheads at ECB who instead want Greek citizens to pay for investments the banks should never have made in the first place.
Greece should simply default. Call the bankster’s bluff. Iceland did and is recovering.