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The Eurogroup is the real villain in Greece today, not the IMF

Greece was patently insolvent. It needed a textbook debt write-off to restore viability. 

This was blocked because everybody feared a calamitous chain-reaction through Portugal, Ireland, Spain, and Italy.

Ambrose Evans-Pritchard 14 December 2016

Greece cannot be condemned to austerity for ever

Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs, 
FT 15 December 2016

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