Greek Debt Restructuring Is ‘Unavoidable,’ Nielsen Tells FTD

A Greek debt restructuring is “unavoidable,” Guillermo Nielsen, a former Argentinian finance secretary who oversaw the country’s defaulted debt exchange in 2005, told Financial Times Deutschland.

“Politicians in the euro zone consider a restructuring as one of many options and seem to believe that they can ride out the problem,” the German newspaper cited Nielsen as saying. “But lawmakers only have the option between an orderly restructuring and a disorderly sovereign default. A haircut on debt is unavoidable.”