Markets around the world were buoyed on hopes that Greece's debt restructuring journey may at last be its final port of call. But some are warning that this may actually be the beginning of a new crisis.
The euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50% loss on their Greek government bonds under a plan to lower Greece's debt burden and try to contain the two-year-old euro zone crisis. Arjuna Mahendran of HSBC Private Bank mentioned that the markets could see a happier ending for 2011.