From a New York Times editorial – Less Than Needed on the Euro:
The Greek and Irish bailout deals wrongly put the full repayment burden on the hard-pressed taxpayers of these two countries, sparing the rich country creditors who made big profits lending to what they should have known were risky borrowers. Rightly, the new European proposals envision future debt rescheduling — but only for future private lending, not past loans or European Union guarantees. Unless fixed, this will dry up private lending to the Continent’s neediest economies.
The package now goes to this week’s summit meeting of all European Union leaders. It can be improved by extending relief to Ireland and refining the debt-rescheduling rules of the permanent bailout fund. That could be enough for another temporary respite, but not for a lasting solution.