As the threat of a Greek debt restructuring sank in, Southern Europe's bond markets grew volatile.
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That makes the case for Spanish sovereign debt restructuring (not just Portugal) more likely, says Fernandez.
So all in all, I think that Greek debt restructuring should not be on the agenda.
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The euro is going to improve because of the new debt restructuring deals being made.
And it needs mechanisms for dealing with failure, such as an orderly system for sovereign-debt restructuring.
The private debt restructuring that Icelandic households and companies are now going through is pretty horrendous.
If Greece then refuses to run big surpluses, a second round of debt restructuring would beckon.
There is also some better optimism regarding Greek officials and their private sector discussing their debt restructuring.
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Spain's bond prices began to wobble as investors worried that other countries might also face debt restructuring.
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By the end of the year, rumours will be rife of an imminent public-debt restructuring in Greece.
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But there are concerns that the debt restructuring doesn't go far enough in cutting Greece's debt burden.
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IMF's deputy managing director, proposed just such a debt restructuring mechanism, to be administered by the Fund.
It refused to countenance a default by Greece, or even debt restructuring, for fear of market contagion.
It was hit hard by the Greek debt restructuring and seems to be a haven for Russian money.
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Mr Eichengreen also argues that standards for debt restructuring could lessen the impact of panics when they do occur.
The rescuers think buying time reduces the risk of contagion from a Greek debt restructuring to other euro-zone countries.
Investors were furious that Eurobonds were to be included in Pakistan's debt restructuring.
Thus, the law limiting foreign ownership of the Argentine media had no effect on the company's private debt restructuring.
It provides for state financial support to debt restructuring, up to a limit.
Also there is increasing political uncertainty in Germany over the Greek debt restructuring.
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Will investors have to chip in with debt restructuring or even bond defaults?
The least costly outcome now looks like an orderly debt restructuring, which might mean higher borrowing costs for other countries.
Greece has yet to agree its debt restructuring and the International Monetary Fund may refuse to continue supporting its bailouts.
Earlier this month, Mr Lavagna unveiled a proposed debt restructuring that would give bondholders around 33-36 cents on the dollar.
Reports said Greece private sector and government talks on debt restructuring are now progressing and an agreement could be announced soon.
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In Europe, euro-zone finance officials and Greek political leaders agreed on a new bailout and debt restructuring for the Mediterranean country.
Despite a major debt restructuring, it appears there is no way Greece can pay its bills without help from other governments.
It would not be lack of ability to pay, but rather little willingness to do so, that would lead to debt restructuring.
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That makes it unacceptable to the European Central Bank (ECB), whose opposition to any form of debt restructuring borders on the pathological.
Talk about a debt restructuring has fueled uncertainty among SNS Reaal bondholders.
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