Well Trichet, head of the ECB, has made his position clear which is: Voluntary rollover of debt is fine with me for other creditors, providing you don’t mean me.
Can’t see that idea working then.
24th of June is the crunch date when the Finance Ministers need to come up with some weasily words that effectively say (but they hope disguises) that the (mainly German) taxpayers are picking up the bill for the next bailout. Or they agree the (in)voluntary rollover plan and all hell breaks loose. Or, just as likely, they’ll do nothing and hope against hope that the problem will go away. Interesting times.