In the words of a Greek economist

I found this article in the weekly online magazine for chartered accountants.

Put simply lending money to help a country out of debt is like hosing someone down to dry them off.  In the end you will have to switch the hose off and get out a towel

The damage of deferring Greek debt restructuring

29 July 2015 

The point of restructuring debt is to reduce the volume of new loans needed to salvage an insolvent entity. Creditors offer debt relief to get more value back and to extend as little new finance to the insolvent entity as possible

Remarkably, Greece’s creditors seem unable to appreciate this sound financial principle. Where Greek debt is concerned, a clear pattern has emerged over the past five years. It remains unbroken to this day.

….

For full article go to http://economia.icaew.com/opinion/july-2015/the-damage-of-deferring-greek-debt-restructuring?utm_source=economianews&utm_medium=articles&utm_content=headlines&utm_campaign=july31

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