Greece's Debt May Not Be So Daunting

The IMF considers the sum unsustainable. The IMF could be wrong.

Reopening the banks is a sign of progress.

Photographer: Milos Bicanski/Getty Images

Greece's debt burden has taken on mythological attributes and questions about the dominant narrative have become a form of heresy. I, too, have repeated the line that "even the IMF considers Greece's debt unsustainable." Yet that is a half-truth and it has the potential to distort policy.

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