Europe’s dirty little secret is Greece will never pay back its debt
(Louisa Gouliamaki/AFP/Getty Images)
A specter is haunting Europe — the specter of Greece's debt.
For a long time, the fact that Greece is basically bankrupt was the truth that dared not speak its name. But now it's become the truth that can speak its name as long as long as it doesn't do anything else. Even German finance minister Wolfgang Schäuble has admitted that Greek "debt sustainability is not feasible without a haircut," before less-than-helpfully concluding that "there cannot be a haircut" because it's against the rules. And that seemed to be that — until Tuesday night.
