Private creditors must pay

The EU can't keep injecting money into Italy like it has into Greece, so to avoid the euro crisis engulfing other countries governments must insist that private bondholders participate in the rescue packages, the liberal-conservative daily Die Presse believes: "Hence the markets need a clear signal that risk can also mean 'getting your fingers burned'. This means that Greece's debts must be rescheduled as soon as possible with the full 'participation' of private creditors. This would help the country, produce only temporary turbulence on the markets and make domino speculation about other countries more difficult and above all much more risky. Precisely because the Eurozone can't afford permanent bailouts for Italy, it is important that a signal be given quickly."

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