The eurozone’s journey to defaults

Commentary feature. However unpopular a debt restructuring might be for Greece, and maybe also Ireland and Portugal, the alternative is worse writes Martin Wolf. The debt would then need to be financed indefinitely by bodies such as the EU and the IMF. If debt restructuring is ruled out, eurozone members must both finance and police one another. More precisely, the bigger and the stronger will finance and police the smaller and the weaker.

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greek bond markets rally after debt auction / Greek PM plays down cabinet dissent http://www.europeansources.info/record/greek-bond-markets-rally-after-debt-auction-greek-pm-plays-down-cabinet-dissent/

EUObserver, 12.05.11: German economist: Greece should default now http://euobserver.com/9/32319

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