"The dramatic deterioration
in debt sustainability points to the need for debt relief on a scale
that would need to go well beyond what has been under consideration to
date - and what has been proposed by the ESM," the IMF said, referring
to the European Stability Mechanism bailout fund.
An
EU source said euro zone finance ministers and leaders had been aware
of the IMF figures when they agreed on Monday on a roadmap to a third
bailout.
end quote from:
In other words Europe is flushing more cash down a never ending bailout toilet. Because Greece is completely "over the falls" and never will recover and always will need bailouts every month or year or three years (almost forever) the way things are going right now.
So, without something like the 30 years debt relief by all European nations for Greece, we are talking about a failed state or at the very least a never ending series of bailouts for Greece from European Banks.
It isn't logical to continue never ending bailouts to prevent "Too big to fail European banks to fail".
Instead allowing 30 years of debt relief by all European nations for Greece, it is possible that Greece might be more efficient by then to begin to pay back loans.
Even though this might set some new kind of precedent, isn't this better than collapsing the whole European Banking system by causing a European too big to fail banking system to collapse and bring down Europe's finances and nations?
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