"A mild restructuring if you take immediate measures"

Measures, measures and more measures in order to make the Greek debt sustainable, are asked of Greece by Eurogroup president Jean-Claude Juncker. The request comes a day after the joint appeal with Commissioner Olli Rehn for political consensus in order for the Troika to give us the fifth installment and allow for the possibility of additional assistance.

Mr. Juncker, speaking during a special seminar, stated that “Greece must move quickly to privatization to the tune of 50 billion euro's worth of business in order for its debt to become viable over the medium and long-term.

He first mentioned the possibility of a mild restructuring - saying he was categorically opposed to a broad restructuring - with the condition of carrying out extensive privatizations in order to further examine the issue.

On the part of the ECB however, Ewald Novotny, an executive management officer, stated clearly that the possibility of Greek debt restructuring is not being considered.

At the same time - this evening or at the latest, tomorrow morning - the Troika auditors are sitting down with Finance Minsiter Mr. Papakonstantinou again to discuss the measures that need to be taken in order to receive the 5th installment.

The measure package is expected to exceed 7 billion euros, which is twice the initial estimate of the Finance ministry. Grants and tax breaks will be targeted.

The atmosphere that prevailed during the Eurogroup meeting, combined with the statements made by European officials that followed, have made the spread of the 10-year Greek bonds rise to over 1250 points, while significantly enhancing the risk premiums (cds) that investment funds are paying in order to be insured against Greek bankruptcy.