Frankfurter Allgemeine Zeitung 
March 08, 2011
"Greece is clearly in need of debt restructuring. But even if the austerity program has the desired effect, the populace begins to pay their taxes and the government quickly moves forward with privatization plans, state debt will still be crushingly high.
The current astronomical risk premium of 16 percent on three-year government bonds shows that the financial markets have long since begun to see debt restructuring as unavoidable. But politicians in Athens, Brussels and Berlin have made the topic taboo -- and they have unfortunately found an ally in the European Central Bank. In reality, however, politicians are once again more concerned with coming to the aid of their largest banks."
EKAI Center:
EKAI Center has repeatedly warned that, with the actual levels of debt in Anglo-Saxon countries, Japan and southern Europe, debt restructuring -public and private- is the only way to avoid the collapse of real economy, governments, and social cohesion structures. The political responsibilities for not facing this facts are quite clear.

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