„Q. Should we still fear a Grexit?
A. Yes. The risk is that in delaying discussions about restructuring the debt, we realise in one or two years that the terms of the bailout package will not be respected.
We want Greece to keep a huge primary budget surplus for 20 to 30 years, which will mean setting aside an enormous budget for repayments.
How do you justify that to young Greeks? It would be reasonable to say that until the Greek economy has been rebuilt, a reduced primary budget surplus, around the level of GDP, will have to do. That’s normal and not excessively punitive.“