Once reforms have been made, then EU leaders will allow for massive debt restructuring, because the world will then know that proper measures have been taken to ensure Greece won’t run toward bankruptcy again.
EU leaders know that they’ll bail Greece out, but by threatening not to, they force Greece’s hand in reform. Reality is that Greece’s debts will inevitably be forgiven by 50 percent to 70 percent, but not until after the country has been forced to take sweeping measures to fix its underlying fiscal problems, and ensure that history does not repeat itself. daily headlines play out the Greek debt crisis like a suspense movie with an unknown ending, the reality is that European leaders have most of this Greek theater scripted to the very end.
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