Credit specialists anticipate Greece could be forced to restructure its debt within a few months, following a day in which its five year sovereign credit default swap spiked from 485.7 basis points to 638.9bp.
One European macro credit strategist says: “It is completely unrealistic to hope the financial markets are suddenly going to regain confidence and start providing lending to Greece. I do not think there is any option other than a debt restructuring.”
The dramatic widening in CDS spreads i
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