Leading article: Still not enough
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The eurozone's leaders seem to have done the bare minimum required of them. Greece will apparently get fresh borrowing at lower interest rates and extended maturities. The powers of the European Financial Stability Fund will be increased. The fund will henceforth be able to help member states that come under pressure at an earlier stage, buy sovereign bonds in the secondary markets and also recapitalise banks.
But the private sector involvement in the Greek bailout looks like it will be small. And the size of the Greek sovereign debt pile will remain more or less the same, ensuring that doubts about the ability of Athens to sustain its fiscal burden will remain. No joint eurozone bond is in prospect. The mooted "solemn affirmation" from other struggling eurozone states to honour their sovereign debt is also unlikely to convince the bond markets if growth turns out to be feeble.
Europe's leaders have bought some time, but not much. Their failure to agree on a radical plan of action to restore confidence and address the root drivers of bond market panic means that this crisis is not over.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments