Germany Continues Their Pitch For Private Investors To Own a Piece of Greek Debt; Also They Would Like to See an Extension of Maturities

“Participation of private creditors in cases of insolvency is indispensable,” German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin today, ignoring warnings from credit- rating firms that his proposal to extend Greek debt maturities by seven years would be deemed a default. A working group set up this week is charged with “finding a good solution for the involvement of the private sector that can and has to be supported by the European Central Bank,” he said.”

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As a result German Bund Rallies and the bonds of Greece, Spain, Ireland, & Portugal fall.