On Saturday, the three institutional creditors finally achieved what they could have done 5 years ago: an objective assessment of Greek policy. Instead of weighing up the pro and cons of bailing out Greece in 2010, they linked Greece’s fate to Europe’s destiny without soberly calculating the costs. After denying Greek political reality for all these years, they will now have to account for the losses to the Eurozone taxpayers due to their unconditional rescue policy. (Read more …)