Debt-burdened nations have not yet faced the most painful restructuring

Austerity on Steroids.

Axel Weber who is the President of the Bundesbank and on the ECB says that we have barely begun our marathon through the debt prison that currently holds most western countries.  He says that have maybe managed the first 15 kilometers of the marathon.  For all the American's out there, that is about 9 1/2  miles out of a 26 mile race.  We haven't even hit the wall.  Via Bloomberg:
Bundesbank President Axel Weber said debt-burdened nations may yet have to face the “most painful passage” while calling on governments to include private state- debt holders in any future bailouts.

“Compared with a marathon, problem countries have maybe managed the first 15 kilometers,” Weber, who is also a European Central Bank council member, said at an event in Dusseldorf today. “Given my experience on this track, I can tell you that the most painful passage will come at a later point.” 

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