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Prof. Rogoff: Greece Debt Restructure Inescapable

I have been trying for quite some time to find out why I smoke more in the morning than the rest of the day. Now, I think, I know. Because of the crap and self-repeating news I read in the morning… In fact, I’m fed up with the pressure some circles are putting on Greece and block its survival options. I light a cigarette and copy paste the news for you.
 Harvard University professor Kenneth Rogoff said on Wednesday that Greece and Ireland will need to restructure their debts, and Spain and Portugal may do the same to survive Eurozone’s dent crisis, according to Bloomberg.

“I do think the eventual restructuring of two or three countries — Greece, Ireland, Portugal — is inevitable,” Rogoff said at an event at the German Finance Ministry in Berlin. It “may be called something else, for face- saving reasons.” 

European Union leaders will meet this month to find a solution to fight the debt crisis, while German Chancellor Angela Merkel is opposed to lowering interest rates on aid or strengthening of Eurozone’s rescue facility. 

“It’s inescapable to have public and/or private debt restructured in all four countries” of Greece, Ireland, Portugal and Spain, Rogoff said. “The risk of waiting too long is that it gets bigger and it costs you more.”

Greece leaving the euro region“would be a sensible solution but I don’t think it will happen”, Rogoff said. “It’s not on the table, but I think a default will be difficult to avert”, he added, according to Bloomberg. 

(source: Capital.gr )

Who Rogoff is, what legitimation he has and what interests he represents I can’t tell you. Too lazy to google…  I believe 10 seconds of publicity are enough.

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