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News Link • Government Debt & Financing

Once Greek debt is dealt with, which of the PIIGS will be next?

• The Political Commentator
In the not so distant future there will be a resolution of some kind in the Greece government debt crisis! As the EU leaders meet in Brussels for the first summit of 2012, the Greece debt restructuring is apparently reaching an endgame as private investors seem to be on board with a 3-4% coupon and a 30-year maturity. Once the debt swap is completed Greece will be provided with another round of bailouts from the EU and IMF totaling 130 billion euros, if it meets certain other conditions including budgetary oversight. So assuming that Greece and the EU buy some time until another crisis in that country reaches a critical stage, will all then be well in Euro-land? Not exactly! Remember the PIIGS (Portugal, Ireland, Italy, Greece and Spain)...

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