THE GREEK CRISIS. A NEW, YET OLD UNFORTUNATE EUROPEAN STORY

Despite the best efforts of the International Monetary Fund, the financial crisis in Europe seems full of suspense. Greece, effectively bankrupt and with a European gun to its head, committed itself initially to years of austerity when it signed, back in the days, a financial bailout deal with the European Union and the International Monetary Fund. The new Greek government, led by the leftist Syriza party, wants to relax austerity measures to ease financial pressure on the public, but its lenders insist that it must cut spending and adhere to austerity measures. As discussions drag on, time is running out. Against this backdrop of pressing repayments, more and more advised voices believe that Greece would still have to default.