IMF: Greek Debt Unsustainable

"Getting closer to default ...

From the WSJ: IMF Believes Greece Should Consider Debt Restructuring By 2012

The International Monetary Fund believes Greece's debt is unsustainable and has told European government and central bank officials that Athens should consider restructuring by next year, three people familiar with the situation said Saturday.

... The scenario to be examined first will involve extending debt repayments by as much as 30 years, the first official said, where private bondholders could be offered new bonds in exchange for old bonds with the same coupon, but with a longer maturity. Another scenario could involve reducing Greece's coupon payments and extending maturity dates...

at http://www.calculatedriskblog.com/2011/04/imf-greek-debt-unsustainable.html