Despite reassurances from outside lenders and buyers of Greek debt ranging from private entities to multi-national partnerships such as the European Financial Stability Fund (EFSF), it appears that Greece has run out of options.
Talks on debt restructuring and swap deals that would exchange equity and debt for existing notes have all but fallen apart and the International Monetary Fund, as well as the EFSF, are finding themselves in need of further funding from member nations.
Christine Lagarde, head of the IMF, quickly rushed to assure investors noting that while the global economy is facing unprecedented challenges, things will end up working out. Lagarde used vague and broad language when speaking with the media, being careful not to mention specific outcomes if defaults occur in Eurozone member nations.
Traders said that they expect CDS costs to rise in the coming days in addition to weak performance in U.S. equity markets.
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