Greece, Iceland, the first super bond risk.

<P> Greek government said on April 7, the revised budget deficit for 2009 gross domestic product (GDP) share will be 12.9%, higher than previously estimated, but the Government would not introduce new measures to reduce the deficit. .In addition, the spread of the Greek sovereign debt crisis, the country's troubled banking industry has been applying for 17 billion euros in additional aid. .Dragged down by negative news, 7, Greece 10-year bond yields hit a record high, the Greek sovereign bond credit default swaps (CDS) contract prices for the first time the same day over Iceland, rose to 415 basis points. .</ P> <P> analysts said Greece faced this year, do not rule out the possibility of debt default. .</ P> <P> deficit higher than expected </ P> <P> Greek government spokesman said 7 days, as of 2009 GDP growth below expectations, expected 2009 budget deficit share of GDP was 12.8% .or 12.9%, after the Greek government official is expected to be accounted for 12.7% of GDP. .Revised data showed the country's economy shrank more than expected. .Eurostat is currently reviewing the 2009 budget data in Greece is expected to be 22 announced revised data. .Greece, local media predicted that the deficit will share in the GDP, could be raised to 14.3%. .</ P> <P> efforts of the Greek Minister of Finance 7, Papa says Constance quarter, even greater than the expected deficit in 2009, Greece has no need to introduce further tightening measures. .There are indications that the Greek Government may be held on the 16th informal meeting of EU finance ministers to European Commission request to extend the time limit will reduce the deficit a year, that the original plans in 2012 to control the fiscal deficit-GDP ratio .provisions of the EU 3% until 2013. .</ P> <P> Rompuy 7 EU President, said the Greek government does not seek to amend the EU agreed last month - the International Monetary Fund (IMF) joint assistance agreement. .He stressed that Greece still want to wait until spending cuts and tax increases and other measures to play a role, its bond yields will fall to other euro-zone countries. .</ P> <P> efforts Papa 7 Constance quarter and the visiting IMF expert talks on how to control tax evasion and exchange views on issues such as the draft budget. .IMF expert recommendations to Greece, including the reduction of government bureaucracy, to improve the efficiency of the tax authorities and enhance the credibility of the financial figures. .IMF expert group will stay for about two weeks in Athens. .It is reported in the May 16 European Commission to consider the progress of Greece before the new state of the economy, IMF and the EU Joint Group of Experts will visit Greece again. .</ P> <P> Greek bond CDS contract prices higher </ P> <P> recently been to Greece, the Greek banking industry for the Ministry of Finance and central bank guarantees in order to obtain additional financial assistance. .Papa Constant efforts with the Greek central bank governor quarter Puluo Fu 7 Pross held talks to discuss how the implementation of support policies on the Greek banking sector. .</ P> <P> response to the debt crisis, the Greek Government has approved the previous total of 280 billion euros to support the banking sector. .End of last year, the Greek banking sector for funding a total of 11.3 billion euros. .Late last month, rating agency Moody's cut Bank of Greece, the five major credit rating, the Greek banking sector to the national security requirements in the form of about 170 million euros with the remaining funds. .</ P> <P> debt crisis as the market worries about the escalation of Greece, the Greek high financing costs. .7, Greece 10-year bond yields hit a record high of 7.176 percent, 10-year Greek and German bond yields have climbed 413 basis points difference between a new high. .According to Markit data, the Greek sovereign debt credit default swaps (CDS) contract price of more than 7 for the first time in Iceland, rising to 415 basis points to 400 basis points in Iceland. .Morgan Stanley's former chief currency strategist at Jen that if the joint EU-IMF financial support can not play the expected role, the Greek fastest possible there will be down this year in debt phenomenon. .Jen pointed out that Greece may eventually be inevitable default. .</ P>.