Eric LeCompte, Executive Director of Jubilee USA was recently quoted in Value Walk about the need for debt relief for Greece. Read excerpt below and follow link to full article.
As Yields Tank, HSBC Warns Greece Needs More Debt Relief
By: Mark Melin
"The question of Greece pilling up debt and derivatives to an extent that cannot be logically be supported by their economy has been the hot topic that mostly remains unaddressed. Are those who structured the debt at all responsible if it created economic catastrophe?
This notion was put forth by those who advocated debt relief for Greece, including Eric LeCompte, a UN debt relief consultant and executive director at Jubilee USA Network.
'Greece isn’t out of the woods yet,' he told ValueWalk Thursday. 'If we really want Greece to get out of its challenges, this requires debt relief.'
Debt relief has been the third rail of the Greek negotiations. While some advocated flat out debt forgiveness, as was done in 1953 through the London Agreement that forgave Germany a significant amount of its war debt, LeCompte points to more structural relief.
With 80% debt held by the Eurozone, he points to extending maturity and reducing real payments and creating triggers in a payment system that is relative to the ability of the sovereign nation to pay. 'A successful Greece means a successful EU,' he said, noting that doesn’t mean a debt write off is required as such, but rather accommodation."
Read more here.