The ECB, which has to figure out what to do about the sovereign debt crisis.
The Northern European bankers, and the politicians they own, don’t want a “restructuring”, but they also don’t want to pay for another bailout.
So, the talk is of rolling old debt over into new, longer-maturing debt.
Essentially, it’s extend and pretend, and it won’t get the job done so long as the idiotic austerity regime and interest rate rises combine to keep Greece et. al. from ever growing.
Gorilla says: “What we have here is failure to renumerate!”
