Outlining debt relief

Lingering uncertainty surrounding an agreement on debt relief for Athens, which remained elusive after the meeting of eurozone finance ministers in Brussels on Monday, is taking a rising toll on the country.

Sure, Greece’s leftist-led government has made grave mistakes that have seriously undermined the country’s credibility in the eyes of its partners.

On the other hand, however, the country has made significant, if unwilling, steps forward. The bailout-mandated cuts and reforms introduced here would have triggered political and social turmoil in any other European Union state.

Greece’s lenders must outline what shape a debt restructuring will take without further delay. If they fail to do so soon, uncertainty will return, the economy will falter and Greece will switch back into doomsday mode.

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