Here's the current state of play. Here are three compelling reasons why the Troika needs to change its direction:
1. The strategy the Troika are insisting Greece pursue has increased the debt, destroyed any possibility of Greece recovering growth and thrown millions of ordinary Greeks, none of whom did anything wrong, into poverty. And that's not just my opinion, it's the IMF's own opinion. They admit that their strategy will not pull Greece out of crisis.
IMF: austerity measures would still leave Greece with unsustainable debt | World news | The Guardian
2. The Troika's attitude to Greece owes more to politics than economics. The IMF's attitude towards unrepayable debts being run up by Ukraine stands in sharp contrast to its hardline attitude towards Greece. Would anyone like to hazard a guess at what political considerations can explain such a two-faced approach?
IMF: Greece vs. Ukraine
3. Greece's exit from the Eurozone risks creating both economic and political contagion that will threaten the entire Euro project, if not the whole EU future. It isn't Greece that has most to lose from Grexit, and that's not the opinion of an unreconstructed Euro-lefty like me. This from the bastion of Neo-liberalism, The Daily Telegraph.
Europe ready for Grexit contagion as Athens gets closer to Russian cash - Telegraph