Sovereign-debt crises such as the one in Greece can be resolved only through bold steps by both debtor and creditor. The debtor needs a fresh start through a debt write-off; the creditor must find a way to provide one without rewarding bad behaviour. For a deal to be struck, both sides must have their needs addressed. Thus, serious reforms and deep debt relief need to go hand in hand. It is for this reason that Greece and Germany, its largest creditor, need a new modus vivendi in order to resume negotiations. Read the full article here
Statesmanship and the Greek Crisis, by J.D. Sachs
Sourced from our Editorial Partner Project Syndicate - Jul 7, 15
