Wall Street Journal
February 21, 2012
Madrid, Rome and Lisbon shouldn’t be congratulating Athens on the new Greek bail out. They should be expressing their eternal gratitude. This bailout isn’t going to save Greece, it will save Spain, Italy and Portugal.
Just look at the terms of the this second bail out.
Not only is Greece being asked to plunge its already depressed economy into a nearly indeterminately long recession but it is being forced to give up even further sovereignty by having officials from the troika policing its treasury from now on.
Within hours of the agreement being reached after a marathon meeting in Brussels, the success of the bailout, designed to prevent Greece from defaulting on a March 20 loan repayment, is in doubt.
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