Burgess: Do politicians want to save the euro?

SOLVING THE DEBT CRISIS

Threadneedle's CIO Mark Burgess argues a major debt writedown and a recapitalisation of Europe's banks is an essential part of the solution to save Greece and ensure the survival of the euro.

Whie Europe continues to lurch from crisis to crisis, two key stakeholders insist on using the rearview mirror to help them in their decision making process. The ECB remains fixated on moral hazard, and the ramifications of letting Greece off the hook, while German politicians focus on the fairness of the industrious bailing out the periphery. The fact of the matter is that it has gone way beyond this; it is simple, do the authorities wish to save the euro or not? If they do, then Greece simply cannot shrink its way to greatness, and austerity is not the answer, nor indeed is it mathe...