Greece financial prospects lowered

EU/IMF will disperse the next tranche of bail-out money and there is a growing consensus that there could be a debt roll-over plan implemented. This type of plan could be supported by the ECB who may not consider restructuring an alternative.

The debt overhang is having real financial affects. Who wants to hold equities in Europe when there is still uncertainty on the cost of a Greek solution and there are constant discussion on how the rules of the game will change.

The current solution is to always move the problem into the future, but at some point the future becomes the present.