A Loan and a Prayer
Europe cannot afford to continue throwing money at insolvent eurozone members and pray that growth and time will bring salvation. The creditors and bondholders who lent the money in the first place must carry their share of the burden – not least for the sake of their own bottom lines.
https://prosyn.org/73kNlC1
NEW YORK – The countries known collectively as the PIIGS – Portugal, Ireland, Italy, Greece, and Spain – are burdened with increasingly unsustainable levels of public and private debt. Several of the worst-hit – Portugal, Ireland, and Greece – have seen their borrowing costs soar to record highs in recent weeks, even after their loss of market access led to bailouts financed by the European Union and the International Monetary Fund. Spanish borrowing costs are also rising.