http://www.newyorker.com/news/john-cassidy/greeces-debt-burden-the-truth-finally-emerges?intcid=mod-yml
(...) It’s pretty clear that many European leaders felt the same way as Merkel. But they were concerned that writing off some of Greece’s debts would set a precedent for other heavily indebted countries, such as Ireland, Italy, and Portugal...
(...) Many European leaders have made it clear that they would like to see Tsipras gone, and they have suggested that a “No” vote would force Greece to leave the euro zone, something that most Greeks don’t want. Should the voters back a government that can’t say when the country’s banks will re-open? (...)
(...) We’ll have to wait a few days to see which way the referendum goes. But we now have some clarity on the larger picture. Greece isn’t going to cut, or reform, or grow it’s way to debt sustainability. Either it will default on virtually all of its loans and adopt a new currency, or it will need debt forgiveness of the sort that Germany enjoyed after the Second World War, when more than half of its loans were written off. That’s the reality.
Greece’s Debt Burden: The Truth Finally Emerges
By John Cassidy
(...) It’s pretty clear that many European leaders felt the same way as Merkel. But they were concerned that writing off some of Greece’s debts would set a precedent for other heavily indebted countries, such as Ireland, Italy, and Portugal...
(...) Many European leaders have made it clear that they would like to see Tsipras gone, and they have suggested that a “No” vote would force Greece to leave the euro zone, something that most Greeks don’t want. Should the voters back a government that can’t say when the country’s banks will re-open? (...)
(...) We’ll have to wait a few days to see which way the referendum goes. But we now have some clarity on the larger picture. Greece isn’t going to cut, or reform, or grow it’s way to debt sustainability. Either it will default on virtually all of its loans and adopt a new currency, or it will need debt forgiveness of the sort that Germany enjoyed after the Second World War, when more than half of its loans were written off. That’s the reality.
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