The French today came out with a proposal to save Greece and the eurozone. French banks, which hold roughly $21 billion in Greek sovereign debt, have agreed to roll over a big chunk of their Greek government bond holdings for 30 years to keep markets happy and avoid a Greek default. But the key to that plan is getting all the other countries holding Greek debt to do the same. And the question is, would countries like Germany and the U.S. follow? Not likely, and TIME’s Bruce Crumley tells us why on Global Spin:
Without the very tight relationships between government and business leaders that exist in France—and give French politicians more influence in shaping (or meddling in) private sector affairs than elsewhere—it’s unclear whether heads of financial companies in other nations could be similarly convinced to reconfigure billions in their investments in the public service interests of helping the Greek economy, and with it European countries using the euro.
Read more here.
