Here we go again on Greece, but the crisis is super serious this time.
Greece faces what is likely to be an “explosive” surge in its public debt levels that within decades will mean it will owe almost three times the country’s annual economic output unless given significant debt relief, the International Monetary Fund has warned in a confidential report, according to the Financial Times.
The report warns that the debt load is “highly unsustainable” and would not improve even if it implemented further reforms recommended by the fund.
“Even with these ambitious polices in place, Greece cannot grow out of its debt problem,” the analysis reads. “Greece requires substantial debt relief from its European partners to restore debt sustainability.”
The fund calculated that Greece’s debt load would reach 170 per cent of gross domestic product by 2020 and 164 per cent by 2022, “but become explosive thereafter” and grow to 275 per cent of GDP by 2060.
It's time for Greece to default on its debt and use an expression of Victoria Nuland's when it comes to the EU, "Fuck the EU".