That's a good point, actually. There was a fairly generous haircut, and if the Greek economy had been allowed to grow from that point on, we wouldn't be in the

That's a good point, actually. There was a fairly generous haircut, and if the Greek economy had been allowed to grow from that point on, we wouldn't be in the mess we're in now. As I see it, the problem was that the troika followed fairy-tale economics, forcing the obviously flawed doctrine of "expansionary austerity" onto Greece. In a large part, this was probably motivated by the desire to set a harsh example as a threat to other countries who might follow in Greece's footsteps. Of course, "expansionary austerity" cannot work, and it especially cannot work inside a currency union, and so Greece's economy declined even further, making also the remaining debts unsustainable despite the haircut.