Right. And I don't think there is any good path forward. Greece has essentially gone up a box canyon. What annoys me about the IMF is, where the hell were they

Right. And I don't think there is any good path forward. Greece has essentially gone up a box canyon. What annoys me about the IMF is, where the hell were they with these observations and recommendation about debt even one month ago when everything was actually working? Where were they six months ago? The debt load being untenable is not news for everyone else. Apparently the EU has a law that makes actual debt forgiveness illegal, all that can be done is extend it or reduce the interest rate. Neither of these approximates what the IMF would recommend, has recommended, to any other country with their own currency rather than being part of a currency union: monetize the debt through inflation. I can understand the German affinity for rules and policy adherence over politics. But self evidently the Greeks are not Germans, and do not share this preference. So how does the EU system afford a compromise that at worst means both sides are equally unhappy? Because right now, basically Germany and the creditors are getting their way to the expense of Greece. Europe is clearly not willing to either bail out Greece (or Portugal, or Italy), nor long term subsidize their economies like what happens in the U.S. It's not willing or able to setup an EU wide tax structure that's EU administered and audited to both make compliance easy, as well as consistently punishing tax evasion across all socio-economic levels. None of the major problems have been addressed: Greece's debt load is unchanged, as well as its affinity for patronage and tax evasion.