In the News (from InoPressa, originally published in The Times): “Politicians were negligent by allowing the euro-zone crisis to spread. Now they are finally considering radical and necessary measures, including debt restructuring.
“The creation of the euro has become one of the greatest political mistakes of today. …Now, the world leaders can only reduce the damage. Judging by the measures proposed at the IMF summit in Washington…, politicians, at least, understand the importance and scale of the problem. This step… gives some hope that the right decisions will be made.
“The scheme of saving the euro has to be precise. According to the preliminary data, it will consist of three elements: a write-down of as much as 50 percent of Greek sovereign debt, the strengthening of the reserves of European banks, and a significant expansion of the European Financial Stability Fund (EFSF), a temporary rescue fund to save the euro, from 440 billion euros to around 2 trillion euros. … While the omens are not good, European governments are taking their time, and investors lack confidence.
“But this is the only logical course of stabilization of the euro zone and prevention of an economic collapse at even larger scale… Politicians are aware of this. Now, they must act.”
My Comment: Of course, all these measures will cushion the blows of the crisis because they are the actions of unity. But they do not solve the problem because the crisis manifests in our egoistic relationships on purpose so that we replace our egoistic relationships with mutual guarantee, bestowal, connection, and unity, meaning so that we change ourselves!