“Elongation of 50 years instead of haircut”

After referring with highly flattering words to the return of Greece to the markets "after four years and just two years after the loss of funds for individuals from the PSI", Reuters announces plans of EU for the Greek debt, citing officials or the European Union. "Despite the return to the markets, Greece is still away from the day, in which it will be funded adequately and it is likely that it will need further financial assistance over the next two years". Indeed, according to Reuters, the reason why the sale of 3 billion euros in five-year bonds with 4.95% went so well is because investors provide debt relief.

"Debt relief has been discounted and the market is waiting for the immediate upgrading of Greece from the rating agencies. Furthermore, the market expects debt reduction and no involvement of the private sector in the coming years" Alessandro Giansanti, senior strategist at ING Bank in Amsterdam, said. Against the outright debt forgiveness are the creditor nations of northern Europe, which believe that "in this way the Greek mismanagement of the past will be rewarded substantially. This means that the European Parliament and the eurosceptics could eventually go to the constitutional court to avoid a remission".