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GreekReporter.comEuropeDaily Telegraph: "Greece Needs Orderly Bankruptcy"

Daily Telegraph: “Greece Needs Orderly Bankruptcy”

An orderly bankruptcy in the form that is usually engineered by the International Monetary Fund is exactly what Greece needs, as: “Greeks are being subjected to the full pain of austerity under false pretences, without being offered the cure of debt relief,” states The Daily Telegraph.
In a story published on Sunday, the British daily notes that bondholders should bear the burden of making wrong investment choices and should have been punished for their errors long ago.
“An orderly bankruptcy along lines routinely engineered by the International Monetary Fund is exactly what Greece needs. It makes no sense to push Greece further into a debt compound spiral by raising public debt from 115pc of GDP at the outset of the “rescue” to 150pc at the end of the ordeal,” it says.
The story notes that: “Greek package allows banks and funds to shift roughly €150bn of liabilities onto EU governments, or the European Central Bank, or the IMF…it is in reality a bail-out for investors.”

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