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Graffiti in central Athens
It has been a defining feature of the bailout of Greece by the eurozone and International Monetary Fund that the creditors have done the right thing years later than they should. Tuesdays meeting of the eurogroup of finance ministers has provided the chance for eurozone governments to address the questions of fiscal targets and debt relief they have evaded for too long.
As has now been the pattern for several years, the pressure to recognise reality has come from the IMF. The fund realised much earlier than the eurozone authorities that the programmes of fiscal tightening and microeconomic change being pushed on Greece would not provide a sustainable exit from the countrys recession and sovereign debt bur…
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