Ending Greece’s Nightmare
If the troika had been truly realistic, it would have acknowledged that it was demanding the impossible. Two years after the Greek program began, the I.M.F. looked for historical examples where Greek-type programs, attempts to pay down debt through austerity without major debt relief or inflation, had been successful. It didn’t find any.
..Vasilis T: This has not happened and although Germans have no reason to blame most of their partners, they do have a valid issue with Greek kleptokratic elite and the broken Greek political system that enables it. Merkel is determined to suffer losses to break the back of the Greek elites which are seen as having failed to keep the country in some semblance of fiscal and supply side propriety.