“The economic argument for Greece staying in the euro is weak. National output is down by a quarter in five years. The debt-to-GDP ratio is heading rapidly towards 200%. One in four people are unemployed and there is widespread poverty.
Demands from Greece’s creditors for more austerity is, in these circumstances, inhumane and economically crass. If Greece was not a member of the euro, but rather a struggling country in sub-Saharan Africa, the IMF remedy would be devaluation, debt relief and a welfare safety net to protect the most vulnerable.