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European leaders congratulated themselves last week for reaching an agreement to provide more loans to Greece and eventually ease the terms of the countrys huge debt. But there is little to celebrate.
Greece is bankrupt in all but name. The country has a debt of more than 300 billion euros ($333 billion), or about 180 percent of its gross domestic product, a sum it cannot hope to repay in full.
Most of that money is owed to Germany, France, Italy and other countries in the eurozone. After an 11-hour meeting last week, the e…
Read the full article at: http://www.nytimes.com/2016/05/30/opinion/vague-promises-of-debt-relief-for-greece.html