Standing together in Berlin Friday, Angela Merkel and Nicolas Sarkozy said they see a way forward for Greece. And it goes via Vienna.
Both cited the "Vienna Initiative" as the way to draw a contribution to the new Greece rescue package from the holders of the roughly €280 billion ($400 billion) of Greek government bonds. It is another piece of jargon in a head-spinning lexicon that also includes reprofiling, rescheduling, restructuring, and rollovers.
But will it help Greece's official creditors reduce the amount they must lend to keep Athens afloat? At first, the Vienna Initiative appears more like a metaphor than a template for Greece.
By STEPHEN FIDLER And MATTHEW DALTON
WSJ
