''..In Belgium's case the fiscal indicators, such as interest expenditures and debt-to-GDP ratio, were substantially worse than Greece's today, and still the country managed to emerge from the quagmire within a few years. Moreover, none of the countries mentioned were faced with the massive international political pressure that is coming down on Greece. And, in most cases, exchange-rate adjustments—which euro-zone member Greece cannot use—were only minor.Greece's predicament is anything but a lost cause. It does not make sense to rashly evoke an unprecedented sovereign default in the euro area, which would have unforeseeable consequences for other member states and the standing of the euro as an investment currency.
Driving the campaign for debt restructuring is often the desire to ensure that private investors foot some of the bill. But debt waivers would automatically also drag in EU taxpayers, who'd be left with at least a partial write-down on the loans their governments had granted to Greece.''
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