Implode-o-Meter News - The Greek Bailout And The "Economic Consequences of the Eurozone"

The combination of the MOU with the new measures is brutal. No way can a fiscal tightening of 3% of GDP, plus a further tightening of 2% when (not if) Greece misses its fiscal targets, do anything but further economic damage. There is no monetary offset to soften the blow, since Greece is excluded from the ECB's QE. A fiscal tightening of this magnitude without central bank support is the equivalent of doing major surgery without anesthetic. The patient may survive the surgery, but the pain and shock will set back its recovery by years.
...
No doubt many of you are wondering now how the IMF can possibly participate in this "Carthaginian peace". But the IMF is a creditor too. It wants its money back. Neither the European creditors nor the IMF are fundamentally interested in restoring Greece. What they disagree over is how much sustenance Greece needs to stay alive enough to pay them back. They are all vampires.

As I write this, I find myself wondering what Keynes would think about all of this. The Bretton Woods institution that he and Dexter White created, turned bloodsucker: fighting for its share of the lifeblood of a European country. Germany, the victim turned aggressor, apparently intent on reducing an entire country to indentured servitude. And the European Union, on the verge of unraveling as nationalism reasserts itself and the ghosts of the past reawaken.

Relevant:

The Greek Bailout And The "Economic Consequences of the Eurozone" - Coppola