Münchau: A failure to tell the truth imperils Greece and Europe


If the IMF pulls out, Europe will be free to mismanage the crisis on its own

Greek debt sustainability was premised on an obviously unfulfillable assumption.

Another untold truth is that Germany will never forgive Greek debt. This is because the German parliament will not accept it

Italy’s membership of a monetary union with Germany is also transparently unsustainable.
Yet no Italian prime minister has ever mounted a credible challenge to the way the system is governed.


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