Debt Forgiveness Is Unavoidable in Euro Crisis: Hannes Androsch
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July 27 (Bloomberg) -- Bailout II, which European leadersarranged for Greece last week, is unlikely to bring the problemsof that country or the euro area to an end.
Some commentators have estimated that the package of anadditional 109 billion euros ($158 billion) of assistance, fromall sources, will reduce Greece’s ratio of debt-to-grossdomestic product by about 12 percent. As Greek debt had beenprojected to peak at 166 percent next year, no likely level ofofficial support is really going to resolve the crisis.