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Financial Times - United Kingdom | Sunday, June 7, 2015

Both sides in Greek crisis being unrealistic

In the debt conflict between Athens and its creditors, the current loan programme for Greece expires at the end of June. But the solutions proposed by both sides so far have been unsuitable, columnist Wolfgang Münchau criticises in the liberal business paper Financial Times: "The Greek one is dishonest. The creditors' proposal demands a level of austerity that is impossible, but also necessary if Greece is to bring down its debts to a more sustainable level while meeting its obligations. That is a bad combination. What makes the Greek proposal dishonest is that the numbers do not add up. … Step back a little and the solution is not hard to see: less austerity, more public sector reforms, and some clever debt restructuring."

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