He said the current "Vienna-style" proposal to encourage banks to maintain their exposures—named after a program which encouraged banks to lock in their loans to eastern European economies after the 2008 financial crisis—won't work because "Greece doesn't need more debt, it can't manage the debt it currently has."
"Restructuring... can either be done with a plan, like the Brady plan... or in a chaotic, uncontrolled fashion," he said. "What Greece needs is less debt — haircuts on the existing bonds."
http://online.wsj.com/article/SB10001424052702304569504576403803100723660.html?mod=WSJEurope_hpp_MIDDLETopStories
"Restructuring... can either be done with a plan, like the Brady plan... or in a chaotic, uncontrolled fashion," he said. "What Greece needs is less debt — haircuts on the existing bonds."
http://online.wsj.com/article/SB10001424052702304569504576403803100723660.html?mod=WSJEurope_hpp_MIDDLETopStories
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