The troika’s austerity policies have already failed twice, and once again they will only make the severe economic problems that Athens faces worse
One way for Greece to get out of its mess would be for it to leave the euro, devalue its currency and renege on all or part of its debt. That is not an option if it stays in the single currency, which the public wants.
Another way out would be for the creditors to cut Greece some slack. That would involve immediate debt relief and more realistic targets.
The troika, though, will continue with policies that have failed before in the hope that they will succeed this time. Einstein had a definition for this – insanity.
Larry Elliott is the Economic Editor of The Guardian. But who will read it?