The Plan for Greece
As we contemplate the Greek debacle, it’s worth looking at what was supposed to happen even if voters went along with the program. Here, from the IMF World Economic Outlook database, are projections for debt and unemployment under the program that’s now collapsing; and since unemployment has already spiked well above the forecast, we know that this was way overoptimistic. Anyway, this is what “responsible” policy is supposed to deliver:
Pain without end, amen.