The Greek finance minister is making the first step towards Greek default. You can call it restructuring or extension of payments, but it doesn’t change the bottom line – Greece cannot pay its debt, and this isn’t too good for the Euro. Just before an EU / IMF delegation arrives in Greece to see that everything is alright, Mr. George Papaconstantinou shows that nothing is alright. This trial balloon was floated in an interview to a French newspaper: “It would be better that we further lengthen the repayment schedule of the 110 billion euros that our partners have lent us and that we further lower interest rates. That way, we could meet our other repayments.” After so many denials, the Greek officials are finally admitting that they cannot pay their debt. During the weekend, it became clear that the EU is already working on a restructuring plan for Greece. A senior adviser to Merkel said that the work is not done openly. It’s just a matter of time. The visit of the delegation in Greece could speed things up. The implications for Portugal and especially Ireland could be very bad for the Euro. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next GBP/USD Bullish But Losing Upside Momentum Yohay Elam 12 years The Greek finance minister is making the first step towards Greek default. You can call it restructuring or extension of payments, but it doesn't change the bottom line - Greece cannot pay its debt, and this isn't too good for the Euro. Just before an EU / IMF delegation arrives in Greece to see that everything is alright, Mr. George Papaconstantinou shows that nothing is alright. This trial balloon was floated in an interview to a French newspaper: "It would be better that we further lengthen the repayment schedule of the 110 billion euros that our partners have lent us… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.