Latin lessons - Latin lessons There is a model for how to restructure Greeces debts Apr 20th 2011 | from the print edition AT FIRST sight Greeces

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Latin lessons There is a model for how to restructure Greece’s debts Apr 20th 2011 | from the print edition AT FIRST sight, Greece’s debt crisis has taken another turn for the worse. Yields on its government bonds have soared, rising above 20% on two-year paper on April 18th. But what seems to be bad news may in fact be good. Greek bond yields are spiking because European policymakers now seem to be acknowledging what this newspaper has long argued was inevitable: Greece’s debt will need to be restructured. Even Wolfgang Schäuble, Germany’s finance minister, appears to be open to the idea. The official line, admittedly, remains that restructuring is not an option; and the European Central Bank still has its head firmly in the sand. But the debate in Europe is finally shifting from how to avoid a Greek restructuring to how to do it (see article ). This is to be welcomed—but with a reservation: even as Europe’s leaders start to consider restructuring, there are worrying signs that they will shrink from doing it boldly enough. That is because the continent’s politicians are not chiefly motivated by the desire to cut Greece’s debt burden to a sustainable level. The Germans, in particular, have two concerns closer to home. The
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/07/2011 for the course ECONOMY 101 taught by Professor Nam during the Spring '11 term at Hanoi University of Technology.

Page1 / 2

Latin lessons - Latin lessons There is a model for how to restructure Greeces debts Apr 20th 2011 | from the print edition AT FIRST sight Greeces

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online