Greece will not escape debt servitude until the euro is destroyed

The original sin of the EU-IMF troika was to foist bailout loans on Greece – in violation of the IMF’s own rules – when it was already insolvent. 

The country needed debt cancellation of 50pc to restore viability, given that the cure of devaluation was blocked.

This was done entirely in order to save Europe’s banks and the euro at a time when the eurozone had no firewall against contagion and no functioning lender of last resort.

Ambrose Evans-Pritchard 22 August 2018