Perspective on Greece bailout.

(Source: excerpts from Der Spiegel interview with professor H. Hau). Hau: The agreed-upon debt haircut is insufficient. No matter what, there will be a second, proper bankruptcy. It will probably take another nine months to three years, but then there will be a really big crisis, both economically and politically. The problem has only been deferred. The next time it will only affect the taxpayers, though.

Hau: The banks have been stalling for time over the last one and a half years. They wanted to take as many interest payments with them as possible. Now they realize that time is running out and have thus changed their strategy. They are just trying to pass on as many debts as possible to the public sector. From their perspective, this is a smart move. But it will be a catastrophe for taxpayers in the end.