Sunday 17 December 2017

Greek default now inevitable

The tentative deal agreed by Greece's political leaders for a second bailout does not signal an end to the saga, not by a long way. And even if Athens does finally secure its new funding, the long-term prognosis is still not good.

With Greek economic output in freefall, a messy debt default followed by the country's ejection from the eurozone now looks very much like a question of when rather than if.

In truth, with debts of more than €340bn, an uncompetitive economy and an utterly dysfunctional taxation system, a successful Greek bailout always seemed like a long shot.

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