*PÃ �hl:* All the same, it was a mistake. That much is
completely clear. I would also have expected the (European) Commission and the ECB
to intervene
far earlier. They must have realized that a small, indeed a
tiny, country like Greece, one with no industrial base, would never be in a
position to pay back � "� �300 billion worth of debt.
*SPIEGEL: *According to the rescue plan, it's actually
� "� �350 billion ...
*PÃ �hl:* ... which that country has even less chance of
paying back. Without a "haircut," a partial debt waiver, it cannot and will not
ever happen. So why not immediately? That would have been one alternative. The
European Union should have declared half a year ago -- or even earlier
-- that Greek debt needed restructuring.
----
See the rest of the interview here.
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