Resistance from Private Creditors: Doubts Grow over Greek Debt Restructuring

``... negotiations with private lenders on a voluntary writedown of Greek government bonds appear to be on the rocks. The Greek economy was actually expected to shrink by only 3 percent in 2011... [instead it] was closer to 6 percent. Hopes that the economy will regain strength in 2012 will probably remain unfulfilled... It is becoming more and more apparent that without general debt relief that includes all groups of creditors, from private banks to the ECB, Greece will hardly be able to free itself from its predicament.''