The Manila Model Plan Would Place Burden for Euro Rescue on Creditors

Despite public denials, euro zone governments are currently working on a proposal to relieve Greek bond debt. The proposal has a number of advantages for all countries involved, but it also entails risks that may be insurmountable. Some believe regulatory pressure will be required to force banks to take voluntary losses on their loans to Athens.
The Acropolis in Athens: "We need to accept the fact that Greece and Ireland are bankrupt."

The Acropolis in Athens: "We need to accept the fact that Greece and Ireland are bankrupt."

Foto: Orestis Panagiotou/ dpa