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Avvenire - Italy | Thursday, August 20, 2015

The Europe of the future needs debt write-down

The German Bundestag has given the green light for the Greek bailout package but the waiving of debt is still taboo, the Catholic daily Avvenire laments: "Athens has been saved, at least for now. This is not the old Europe, because once again the birth of a new Europe has been prevented. Without at least a partial debt write-down the European Union will face the same dilemma three years from now: should it lend Greece more money or lose an entire country and split up over it? ... The German parliament's yes has been given in the spirit of an old Europe. This Europe is crippled with fear. Just mentioning the word 'write-down' could give populist movements in other debtor countries with upcoming elections a boost. The new Europe should have shown political farsightedness and appropriated the term 'debt write-down' in a display of solidarity. Solidarity is far more important than the outcome of this or that election."

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