Quote Originally Posted by Ash View Post
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.
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?