Greece definitely needs an ordered restructuring, as the uncontrolled default can cause an economic downturn. Now financial markets are nervously expecting, which will be the next step of European leaders. The decline in prices for government bonds has demonstrated a weak capitalization of banks, and the fact that the state will have to finance recapitalization, increased the award for risk on government bonds. Problems of both banking and government debt enhance each other.
It stimulates banks reduce their accounting balances by reducing maximum sums loans and loan portfolios. The European Banks have opened prospects for increasing secondary capital, while they have to sell their shares in the book value. They also need to settle the banking system. Also, the leaders of European countries finally realized that he only guarantees that governments could cover debts under low interest, not enough. At the same time, he ruled that in the future no steps could be undertaken without the approval of the Bundestag. At first a stick in the wheel inserted the Constitutional Court of Germany, who recognized the constitutionality of the European Fund of Financial Stability. In the letter it was said that finally the European leaders understood and themselves - it is impossible to continually postpone the steps in a long box, which have long been necessary to take. Recently, about 100 outstanding Europeans wrote an open letter to the leaders of seventeen European countries.
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