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The Editors

Greece Needs a Writedown, Not a Buyback

The prime minister of Greece took a large political risk Oct. 31 to keep Greece in the euro, just as other euro area leaders appear to be recognizing that the country needs more time and more relief from its debt obligations to survive.

That’s progress. Lowered interest rates for Greece and help with a debt buyback are among the ideas under discussion. Any move by Germany to work with Greece is welcome, even if things are only where they should have been two years ago.