It is a joy to read your blunt analysis of Greece’s debt restructuring (“A Question of Maturity,” April 23, 2011). Even excluding interest payments, the country is still running a deficit, which means that that it will need to keep borrowing money to pay its debt. This will require either extending maturities or writing down the value of its debt. One way or another, the decision now depends on the European Union’s policymakers. As you point out, “a proper restructuring is legally feasible and economically necessary.” However, “what prevents it is political cowardice.” Very well put. The only remaining question is where is the source of cowardice. Is it to be sought in Brussels? Or perhaps in Berlin?