EUROZONE: Restructuring Greek Debt Moves From Doubtful To Likely.

NYTIMES/ ANALYSIS/       "Only a few weeks ago, the idea that Greece might restructure its debt seemed like the nuclear option. Now restructuring — a polite alternative to outright “default” — is not only thinkable, but even likely. And one way or another, many economists say, bondholders are expected to bear some of the burden."

THE E.U.: Greece's Debt, Inability To Say No To Strikers, Is Threatening The Euro.

NYTIMES/ Bond watchers fear that Greece's new government led by socialist Prime Minister George Papandreou may not cut public wages and pension payments that make up 51 percent of its budget and contribute to its surprizingly scary 12.7% deficit. And those fears are now spreading to Portugal and Spain's fundamentals. Greece set-up this crisis by severly underestimating deficits for several years, testing its credibility.