Greek economy implodes further (Q2)

[Beet]

It's a bit of everything, really. Worth pointing out that the first 'rescue' package obviously made the situation a lot worse. But then it relied on insane troll logic, so, you know.

Care to expound on that logic? IMF packages have worked for a lot of countries, and in theory internal devaluation is a sound idea, the problems is in the details of implementation.

[Beet]

Well I wouldn't say you're grossly misunderstanding things. After all, the sensationalist articles turned out to be right and the pencil pushers at impressive sounding institutions with impressive sounding titles turned out be disastrously wrong. The logic to the plan was the Greeks were supposed to do was fix themselves up, get austere, really quickly. The loans were just there to tide them over until they did, like a band aid. The loans were never meant to be the solution in themselves. Unfortunately the Greeks weren't able to reform quickly enough. The depth of the problem and needed adjustment was severely underestimated.