Editorial Board
Europe’s Plan C for Greece Is No Better Than Plans A or B
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Europe’s leaders have reached Plan C in their efforts to rescue Greece. Unfortunately, it lacks a crucial element also absent in Plans A and B: adequate debt relief.
The agreement between euro-area finance ministers and the International Monetary Fund is welcome and overdue. It provides much-needed support for a Greek government that has taken enormous political risks to meet the conditions for aid. It also puts an end to weeks of bickering between Europe and the IMF over how to cover Greece’s funding shortfall -- a delay that had threatened to undermine faith in the bailout program, even among Greeks who believe in making the changes and sacrifices demanded.