End “Extend and Pretend” With Greece
The current talks between Greece and its creditors show little will on either side to overcome the failures of the past five years: the "troika" maintains its myopic focus on fiscal austerity; Greece remains reluctant to reform. With the economy in free fall, both sides need to accept that “extend-and-pretend” is no solution at all.
https://prosyn.org/CNHPsBK
LONDON – Greece needs an agreement now with its creditors (the so-called troika comprising the International Monetary Fund, the European Commission, and the European Central Bank). Yet all parties are pursuing a disastrous “extend-and-pretend” strategy with a narrow focus on fiscal issues and pensions. In fact, rumors are now emerging that the Greek administration and the troika are considering yet another extension of an agreement that was supposed to end last year.