Europe's leaders are still not doing enough

Independent
Editorial
7 May 2010

The eurozone's leaders have finally woken up to the fact that, in the Greek debt crisis, they have an existential challenge on their hands. Yet for all the drama of this week's plea by Angela Merkel for the German parliament to sanction the Greek financial rescue package and yesterday's vote in Athens on a new round of cuts, the signs are that Europe's leaders are still not on top of the situation.

The €110bn IMF-eurozone funding package to remove Greece from the international capital markets for three years is better than nothing – but it is still not enough. It is becoming increasingly clear that Greece will need some form of debt restructuring to ease the burden of its borrowings.

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