They should have done this a long time ago. Kicking the can down the road (again) won't help. CNBC:
"The recent debt exchange deal Europe offered Greece was a rip-off," said Roubini in a commentary in Tuesday's Financial Times. "If you take into account the large sweeteners the plan gave to creditors, the true debt relief is close to zero."
The major problem, in Roubini's view, is a lack of growth and competitiveness, which can only be overcome by currency depreciation.
"A return to a national currency and a sharp depreciation would quickly restore growth and competitiveness, as it did in Argentina and many other emerging markets that abandoned their currency pegs," he said.
