Nobody honestly believes Greece can pay off the previous loans and few believe the restructured loans will make any difference. The political class has kept the charade going so that the bankers get paid, and for (euro) ego reasons, but it's completely unfair to the people of Greece to continue down this path. Each time the discussions come about, the situation is always the same.
Greece can't pay this mountain of debt. Everyone should move on and get this over with. CNBC:
“This bailout is certainly not the answer for anyone, for Greece, for the euro zone, for the world,” Yanis Varoufakis, Professor of Economics at University of Athens, told CNBC. “Greece should default instantly, immediately, without any talk of leaving the euro.” “Here we have a typical bankruptcy problem which we’ve had for two years now,” Varoufakis said. According to him, Greece’s first bailout back in May 2010 was not the illiquidity problem leaders perceived and they should stop “throwing good money after bad,” ballooning Greece’s deficit and “destroying the economy” thereby leaving it incapable creating income to repay its debt. “Why can’t we (Greece) default within the euro zone?” Varoufakis said, noting that the country has already been frozen out of the money markets.NOTE FROM JOHN: What's the old joke: "If I owe you ten thousand dollars I have a problem. If I owe you a million dollars, you have a problem."