Today's leaders inherited these dubious positions and are grappling, often inadequately with attempts to rectify them. The eurozone states have struggled for over a year to resolve the Greek debt crisis, tiding Athens over with new loans but also burdening it with austerity that will make recovery impossible – and therefore make some form of default inevitable.
How much pain should private creditors be required to share with taxpayers was – and remains – a core issue with German ministers in hawkish mood, reflecting the rage of their voters.
Read Full Article »