„But he [Greek FinMin Euclid Tsakalotos] seemed resigned and tired. And well he might be. Not only must the rescue package receive the approval of the German government and its sceptical finance minister, Wolfgang Schäuble, he must know that many of the projections he has used to convince lenders they can be repaid are based on fantasy figures. […]
If Greece is refused a third bailout and exits the euro, Britons will view the whole EU project with more contempt and be more likely to vote to leave.
But it means Europe is kicking yet another problem down the road and one that will blow up again, possibly with even more collateral damage to the world economy than it managed this year. Greece is being asked to transform a culture of weak government, corruption and bureaucratic nepotism in a matter of a few years, based on a false premise that it can mimic the productivity of its northern European partners. It can’t work.“