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GREECE DAYBOOK: Schaeuble Says Greece May Need Time, Paper Says

German Finance Minister Wolfgang Schaeuble said Greece may need more time to reduce its debt to regain access to capital markets, the Handelsblatt reported, citing an interview. Schaeuble also said a debt restructuring is “considered by many” to carry “high risks,” potentially triggering consequences “more disastrous” than those after the collapse of Lehman Brothers, according to the newspaper.

WHAT TO WATCH: *Finance Minister George Papaconstantinou said restructuring the nation’s debt won’t solve its problems and that the European debate on the matter is “dangerous.” *Gazprom will study assets offered for sale by the Greek government, Interfax reported *Fitch Ratings said today that German banks’ exposure to Greece is manageable *More than 2,000 Greek protesters gathered outside the country’s Parliament House in central Athens calling for changes to the electoral system in Madrid-style protest

EARNINGS: *Public Power Corp (PPC GA), reports 1Q 2011 earnings before start of trading *National Bank of Greece (ETE GA) releases 1Q earnings after market close, holds conference call at 6pm *Marfin Popular Bank (MARFB GA) releases 1Q earnings before market trading *Folli Follie (FFGRP GA) releases 1Q earnings after market close

EQUITIES: *Motor Oil Hellas (MOH GA), reports 1Q 2011 earnings of EU62.3M *Agricultural Bank (ATE GA) releases 1Q loss of EU29.5M *EFG Eurobank (EUROB GA) announced 1Q net income of EU74M *Sidenor (SIDE GA) reports 1Q net loss of EU7.6M

ANALYST RATINGS *Opap (OPAP GA) price est. cut to EU18 from EU19 at Proton *Alpha Bank (ALPHA GA) price est. cut to EU5 from EU6 at Proton

MARKETS: *The ASE Index gained 7.91 or 0.6% to 1,289.63 *FTSE/ASE 20 Index up 1.1% at 571.49 *Cypriot General Index rose 0.6% to 826.95 *Greece 2YR Bond Yields: 26.03% - 10YR Bond Yields: 16.73% *10YR bond spread against German bunds -- 13.68 ppts *Euro -- U.S. $1.42 *The MSCI Asia Pacific Index rose 1.2% as of 12:55 p.m. in Tokyo, as raw material producers increased after oil and copper prices rallied

BLOOMBERG TV: *9:37 a.m. Holger Schmieding, Berenberg, on the European economy

*11:50 a.m. Michael Dawson-Kropf, Fitch, German lenders and Greek risk *2:10 p.m. Paul Donovan, UBS, discusses global economy, ECB, IMF and peripheral European nations *6:30 p.m. Constance Parten, Aladdin Capital Management, Greek debt crisis, European outlook

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