When austerity is not enough - what is next?

In a release Greek debt nightmare laid bare the Financial Times debates the issue that even under the most optimistic scenario, the austerity measures being imposed, Athens risks a recession so deep that Greece will not be able to climb out of the debt hole over the course of a new three-year, 170bn bail-out.

If austerity measures will not provide the desired outcome, what is the social responsibility of nations to take hair-cuts on sovereign debt, and why not now? ... READ MORE

Released by Financial Times 21 February 2012