“What Greece is being asked to do is scientifically impossible. Almost everybody involved in the talks knows this. Yet the lie goes on because the dysfunctional nature of EMU politics and governance makes it impossible to come clean. The country is dishonestly kept in a permanent state of crisis. […]
So we now have the worst of all worlds. The deal is an atrocity. The crisis has not been resolved. The integrity of EMU has been breached. Greece has been publicly crushed and humiliated, yet for no purpose. The country cannot possibly meet the demands. There is no debt relief (other than a vague and worthless promise for the future).
German diplomacy is in ruins. […]
Given the vicious stupidity of the deal reached last weekend, there can no longer be the slightest doubt that Greece can achieve these objectives only by taking up Mr Schäuble’s offer—now German policy by default, whether Chancellor Merkel likes it or not. […]
Greece will continue to endure its long Calvary until somebody has the courage to tell the Greek people—and to keep telling them until the truth sinks in—that the drachma is their best hope of economic renewal.”