Frankfurter Allgemeine Zeitung (FAZ) again takes a very critical look at recent developments concerning the Greek program, assessing that a June 21 Eurogroup decision to finalize medium-term debt relief measures for the country is a "de facto fourth memorandum".
In an article entitled "The boundaries and borders of Greece", the German mass daily notes that "at the end of this fourth, unofficial, memorandum, a fifth will inevitably follow: either in the form of additional extensions (of loan maturities), or in the form of a 'haircut'. This is the price that Eurozone taxpayers will pay to keep Greece in the Eurozone."
At the same time, FAZ warns: "There are many arguments against Greece's continued presence in the euro on the back of billions (of euros, in aid). However, whoever doesn't view reality around them through excel spreadsheets and debt sustainability analyses realizes that there are just as many political arguments against allowing this country, on the EU's external borders, to be left to its fate."
