Future of Europe
New perspectives on Europe’s unfolding financial, economic and political crises
The latest austerity deal is terrible for Greece and Europe.
The International Monetary Fund’s chief economist, Olivier Blanchard, recently asked a simple and important question: “How much of an adjustment has to be made by Greece, how much has to be made by its official creditors?” But that raises two more questions: How much of an adjustment has Greece already made? And have its creditors given anything at all?