Even with the European bailout package for Greece giving them 3-years of breathing room, the market is saying something is not right and that Greece will not be able to avoid some sort of debt restructuring.
Greek 5-year CDS is trading above Argentina so anyone who thinks the 3-year lifeline from the EU is the cure, they will be mistaken.
Greece cannot grow nominal gross domestic product (GDP) above the cost of their financing and thus will have no choice at some point but to restructure.
For them and the fate of their citizenry and its exorbitant debt levels, the sooner the better.
Programming note: "The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.