Europe needs an IMF education

European officials must pay heed to the IMF on the need for another major debt reduction for Greece. Its insistence is anchored by solid theory and experience.

Despite a courageous public stance by the International Monetary Fund, European officials failed again on Tuesday to deal with the critical issue of Greece’s debt sustainability. If this continues, they will undermine yet another bailout package for Greece and suffer further erosion in credibility, especially in the eyes of their own citizens. They also risk seeing another hard-fought cash infusion do little more than buy a few months for a struggling Greek population.

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