What Süddeutsche Zeitungcalls "the subject that is discussed in whispers at the EU" — the likely restructuring of Greece’s sovereign debt — dominates the front page of Financial Times Deutschland. According to the German business daily, "the EU has lost faith in Greece" and international market confidence in the country has declined to the point where it will no longer be able to independently seek financing to service its debt in 2012 — a situation that was not part of the plan. On 5 April, the rate of interest on Greek 10-year bonds reached 12.7 percent, which is twice the rate that the country pays on its loans from the EU and the IMF.
Two outstanding problems remain. The first of these is that speculation in the wake of a restructuring of Greek debt could destabilise other member states in difficulty — i.e. Ireland and Portugal. The second is that the EU has yet to establish a procedure for restructuring. “Greece will have to negotiate on its own behalf and will depend on the good will” of the banks and insurance companies that are its creditors, remarks FTD.