Greek bailout will fail, and not fail better

It is extremely odd that repeated evidence of failure, repeatedly ignored, does not hurt the credibility of those preparing to repeat the same experiments in austerity-driven social engineering we have seen in Portugal, Spain, Ireland, and of course, in Greece.

Greek debt levels are no more sustainable now than they were before last week’s €86 billion loan package was agreed. The creditor countries – including Ireland – continue to insist on no debt ...