The president of the European Commission is reportedly working on a new proposal to partially restructure Greek debt, but it is unclear whether the IMF and other European governments would accept it. Dr. Florian Schui, an economics historian at the University of St. Gallen in Switzerland, says it’s clear that Greece will not be able to make many more payments and a policy that insists on collecting the debt in naive. Dr. Schui says we are in the final few days for a new plan to be implemented and its ‘a make or break period’ for Greece’s Euro membership. He says a default would be extremely damaging politically and if Greece exits the Euro, financial markets would immediately turn their attention to the economic health of Portugal, Spain and Italy.
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