Greece Can Pay Its Debts in Full, But It Won’t

February 20, 2015 1:35 AM

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Greece Can Pay Its Debts in Full, But It Won’t

The Greece crisis is reinforcing a cardinal rule of sovereign-debt crises: It isn’t whether a government can pay what it owes, it’s whether it wants to.

The new left-wing government in Greece is seeking to reduce debts it says it can’t pay; its finance minister, Yanis Varoufakis, has called his own country bankrupt and insolvent. It has initiated negotiations—which continue in Brussels on Friday—with other eurozone governments to reduce the burden i...

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