Greece wishes to postpone financial target date
 
If there is no secondary debt restructuring, Greece certain death, which became the euro zone officials the recent mantra. July 30, Reuters published an article entitled "Greece would have a second round of debt restructuring, European Central Bank or this Mongolia loss," the article reported that Greece continues to stay in the euro area, in order to stabilize the euro situation international creditors must again accept the results of the Greek debt write-downs. Digital eurozone senior officials said, the latest Greek debt to further reduce the 70 billion to 100 billion euros, the ratio of public debt to gross domestic producers (GDP), reduced to a sustainable level of 100%.
 
In the second round of the Greek aid program finalized in February this year, the Greek bonds held by private creditors have suffered a substantial impairment, but not enough to back to Greece be able to pay the debt track. European officials warned that the second restructuring of Greece's debt is the last chance to restore the solvency of the country, if the debt write-downs can not be successful, then the Greek debt to GDP ratio in 2020 dropped to 120% of the target difficult to achieve.
 
It was suggested that the ECB and the Eurosystem member governments to held Some Greek debt write-down of 30%. To this request, the official creditors of Greece, namely the ECB and the euro area Governments need to opponents held by some of about 200 billion euros of Greek government debt as part of reorganization. However, neither the European Central Bank, or any country of the euro-zone governments are obviously not happy to Greek debt restructuring, and the secondary debt restructuring is a very complex process and difficult to reach an agreement within a short time.
 
July 31, Greek Deputy Finance Minister said Christos Staikouras, Greece is now seeking to extend the period of the salvage agreement, and efforts to require spending cuts of 11.5 billion euros in the next two years according to the international rescue plan. A Greek senior Treasury official said that Greece in the efforts to complete the reduction support program, the deadline to achieve the fiscal targets will seek to delay for two years.
 
The Christos Staikouras delegation composed by international creditors are still in Athens to stay, they should be completed before September assessment of the Greek economic progress, and thus open the way to obtain relief funds for the Greek.
 
Right now, the Greek urgent need of this assistance payment, or else may not be able to August 20th to redeem maturing debt of 3.2 billion euros, face default or forced to withdraw from the risk of the euro area.
Geithner's visit to Europe is still put pressure on the main
The debt crisis for Europe, the United States had been standing on the sidelines, but with elections approaching, the U.S. economy is two consecutive quarters of deceleration, Geithner hold herself back. July 30 meeting with German Finance Minister Schaeuble and European Central Bank officials, Geithner said that in the coming months, Europe and the United States must work together to solve the global economic slowdown and deteriorating debt crisis in Europe.
 
This is not the Geithner first to expand the trip to Europe because the European debt crisis. Speculation that Geithner's trip is still put pressure on the main, but Germany's tough stance on certain issues, may allow Geithner disappointed. Geithner praised the efforts made by the euro area in addressing the recession and the debt problems of Ireland, Portugal, Spain and Italy. Surprisingly, the virtues of two Ministers did not comment on the status of Greece, speculation has been divided between the two countries on the Greek question, the U.S. has called on Germany to take action to contain the crisis from spreading, but Germany has repeatedly stressed, if Greece does not cater to international creditors deficit reduction requirements may eventually be driven out of the euro area.



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