BRUSSELS ? Within minutes of eurozone finance ministers reaching a deal to cut Greece?s debt late on Monday, commentators on Twitter were dismissing it as another exercise in ?kicking the can down the road?.
To an extent that is true. Under the agreement, the euro zone and the International Monetary Fund will give Greece two more years to reach its budget goals and will find another 44-billion euros (US$57-billion) to keep the country afloat in the meantime.
But while a degree of can-kicking may be going on, there was a critical element in Monday night?s deal that goes a lot further than any other step taken so far in the debt crisis to get Greece back on its feet.
Implicit was an understanding that Greece will undergo some form of official-sector debt restructuring ? with eurozone countries forgiving a portion of Greece?s debt ? at some point in the future, the sort of last-ditch measure usually reserved for impoverished states in Africa and Latin America.
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See Also:
Greek recession to drag on until 2015:?OECD
Crisis: Spain, EU Commission opens to banks? aid
European debt crisis a bigger global threat than US fiscal cliff, says OECD
Poverty and wealth report slammed for deletions
German media lament ?never-ending story? of Greek bailouts
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