The $300B Elephant In The Acropolis: The Greeks Can’t Pay, Euro Politicians Are Afraid To Forgive

Greek government debt held by the ESFS and IMF amounts to € 240 billion, as they have essentially funded all debt rollovers in recent years, plus the deficit. On the other hand, the EU’s “fiscal compact” and the fact that numerous countries in the euro area are forced to cut spending means that no politician will be very eager to provide any additional leeway to Greece in the form of debt write-offs or funding beyond the agreed on amounts. That’s a non-starter.
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