No Finale for Greek Debt Drama - WSJ.com
Greece's debt talks are going to the wire. Despite months of negotiations, the International Institute of Finance, which is representing bondholders, suspended talks Friday over a voluntary deal to lop 100 billion euros ($128 billion) off the country's 360 billion euros in debt. A deal needs to be agreed in January if it is to be implemented before 14.4 billion euros of bonds become due for repayment on March 20. The problem is that as the Greek economy suffers, more debt relief is almost certainly needed. A solution is vital not just for Greece but for the euro zone.