David McWilliams: Oiling the EU's economic engine

"If debts - both national and personal - aren't dealt with, people will have too much debt and won't be prepared to borrow and the banks will have too much bad debt and they won't be willing to lend.

Some form of debt relief would make quantitative easing (QE) much more likely to be successful. This exactly what Syriza wants in Greece and it is an entirely logical move. This is not an extreme position but is straight out of the most orthodox economic textbook."

Quelle: http://www.davidmcwilliams.ie/2015/01/26/oiling-the-eus-economic-engine