EUROZONE/ PORTUGAL / GREECE: Debts Are Bigger Than Projected; Greek Default Almost Certain.

GUARDIAN/ P. Inman

   After reporting a debt 10.5% of GDP in 2010, Greece's woes are worse than the projected 9.6%.
   Portugal reported debts of 9.1% of GDP.
   Both are far worse than 7.3%...the EU commission benchmark.
   Now, many economists say a Greek default is inevitable.
   The only question is the timing.
   Some speculate the EU will keep Greece afloat until 2013 when a multibillion-euro bailout fund is available.
   "A restructuring would have legal and systemic consequences that are difficult to calculate right now but would in all probability be bigger than after the collapse of Lehman Brothers," said a ECB board member.