A report from International Monetary Fund’s Independent Evaluation Office in July 2016 blamed the troika of IMF, ECB and European Commision for the bailout with no debt relief, shrinking the Greek economy by 30% in six years.
As the telegraph notes, "At root was a failure to grasp the elemental point that currency unions with no treasury or political union to back them up are inherently vulnerable to debt crises. States facing a shock no longer have sovereign tools to defend themselves. Devaluation risk is switched into bankruptcy risk."
http://www.telegraph.co.uk/business/...ses-for-the-i/
The report said "There were concerns that such a credit event could spread to other members of the euro area, and more widely to a fragile global economy" - an admission of the failure of the Eurozone, which Greece was sacrificed to save.
"Plenty of strikers can score goals," he said, gesturing to the famous old stands casting shadows around us.
"But a lot have found it difficult wearing the number 9 shirt for The Arsenal."
Several points here:
1) the fact that Greece needed a bailout in the first place was because of their inability to manage their finances, Greek finances are the responsibility of - unsurprisingly - the Greeks
2) the potential lack of flexibility in a debt crisis was well known when they joined the EU, did the Greek people not vote to join the EU?
3) 'an admission of the failure of the Eurozone, which Greece was sacrificed to save' - this nonsense suggests to me that the author is rather biased on this particular topic, Greece was 'sacrificed', was it?
This evening I am going to the pub with like-minded chums, not colleagues. Drinking steadily from 5-8 then over the river to see Teenage Fanclub.
Last night I went to see Super Furry Animals.
Tomorrow night I have football drinks from 8 until late.
Sunday I am die but I hope not.
p.s. this day 2 weeks is my annual night out with colleagues.
Well quite. There was a chap right in front of me in the Olympia last evening who tested my patience to the very limit. Him and his fat bird. His level of over exuberance suggested chemicals.
Not the done thing to give him a pasting on a Thursday night all the same, 3 weeks from Xmas.
You seem to have mixed up the quote from the report and my interpretation of that. A more usual bailout with debt relief could not be applied without risking other countries which is an inherent weakness of the Eurozone, as is that countries cannot set interest rates or float currencies (sovereign tools).