Allaying the news that Greece had accepted the need of restructuring its debt, the European Union Executive made it very clear saying that there had been no talks with the Greek authorities on this topic.

Calling it a firm denial from their side, a Spokeswoman for the European Commission stated, “It's impossible that such a statement can be correct considering that there is not even such discussion taking place between the European authorities and the Greek government”.

Experts believe that in the wake of a €110bn loan from its neighbors, substantial budget tightening and a change of government, it is quite difficult for Greece to make a comeback to the markets as its position has worsened.

The nation is in dire need of restructuring after the market didn’t buy anything which the EFSF’s loan and the European Central Bank’s market purchases of Greek debt were supposed to do.

ECB President, Jean-Claude Trichet simply refused to discuss the idea of restructuring the debt after several Eurozone finance ministers told him that the Greek stabilization plans were behind schedule.

Some of the experts are of opinion that Greece needs to reduce the total amount of outstanding debt, reduce the interest rate and lengthen the maturities of the debt in order to be able to repay it.