by Calculated Risk on 5/02/2011 08:26:00 PM

From Reuters: ECB official open to extending Greek debt maturities

European Central Bank policymaker Nout Wellink said on Monday that he was open to the idea of extending maturities on Greek debt ...

Wellinck said: “Restructuring is essentially saying: 'Send me the bill. We feel sorry for you.' You shouldn't do that. Paying the bill hurts.

“It may sometimes take longer than expected. It can sometimes lead to a restructuring - but not in the way some advocate it to be - that ... leads to a longer maturity of debt.”

This isn't the official position, but some sort of restructuring seems priced in with the yield on Greece ten year bonds at 15.7% today and the two year yield up to 25.9%.

Earlier:
• ISM Manufacturing Index at 60.4 in April
• Construction Spending increased in March

Weekend:
• Summary for Week ending April 29th
• Schedule for Week of May 1st