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Der Spiegel: The Greek Debt Needs to Be Cut

debtThe Greek debt is in dire need of a haircut, noted an opinion article in Der Spiegel’s website. According to the journalist, a haircut would be the honest choice, noting that Greece does not need more money for social benefits but to repay its debt. “We are lending Greece money so that we can get back the money we lent in the first place. There is no point in keeping this up,” noted the article.
Furthermore, it stressed that the 227 billion euros that have flowed into Greece over the last five years were not gifts, they were loans. However, the creditors, particularly Germany live under the illusion that they will somehow get their money back.
Greeks may not be expressing this opinion in the right way but in the end they are right. Greece needs a debt haircut. It cannot be saved with loans, added the Der Spiegel article.
A debt haircut would give the Greek government the opportunity to prosper and become again responsible for itself, showing that they are ready and able to free the country from the evils of corruption and finally impose a reasonable tax system.
However, it is estimated that lenders will show resistance, especially in countries such as Spain and Portugal, however the journalist noted that such a move would be more honest compared to the “illusion” that the Greek public debt issue will be resolved.

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