Debt Haircut for Greece 'The Problem Has Only Been Deferred'

Nearly 86 percent of private investors have agreed to join in the debt-swap deal that will help Greece avoid an uncontrolled default. But is that good news? Many experts have their doubts. In a SPIEGEL ONLINE interview, economics professor Harald Hau argues that not only will the plan put the burden on taxpayers, but it will mean an even bigger crisis to come.
A Greek flag flies at the Acropolis in Athens. 'The banks have been stalling for time,' Hau says.

A Greek flag flies at the Acropolis in Athens. 'The banks have been stalling for time,' Hau says.

Foto: Arno Burgi/ dpa
Interview conducted by Stefan Kaiser