Michael Hampden-Turner, a Citigroup strategist, said Greece is not expected to enter a debt restructuring any time soon because of concerns that it would trigger credit default swap payouts. "It is certainly possible to envisage forms of restructuring which fail to trigger CDS, but we are doubtful that they will be employed in practice," he said. "We suspect that European and [European Central Bank] policymakers will duck the hard decisions."

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