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Thursday, July 9, 2015

James Surowiecki : " Why Europe Needs to Offer Greece Debt Relief " - The New Yorker

Why Europe Needs to Offer Greece Debt Relief - The New Yorker

In fact, because of past restructurings that extended the maturity and lowered the interest rate on most of the country’s debt, Greece’s debt-servicing costs are actually relatively low—lower than those of many other European countries. If the Greek economy could manage to grow at even a modest clip, it would have little trouble servicing its debt. The debt itself is fundamental to Greece’s future prospects, as we’ll see, but for all the attention it’s gotten, it’s actually a secondary problem right now.

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