[jacquesm]

The IMF has been out to lunch when it was needed most with more reasonable and 'Greek adapted' solutions. Essentially they have forced Greece down a very narrow path that would have worked in Germany but not (in a lifetime) in Greece.

So now we have the end result of that strategy (which both the IMF and the previous Greek governments as well as their lenders are party to).

Varoufakis is a very smart man that made a whole bunch of moves that make no sense to me, I think that the last 6 months have pushed Greece into a corner taking away whatever manouvring room they had and now there are only (very) tough choices left.

Going after the tax dodgers with a really big stick should have been the first order of battle for instance, now it is very late to start to solve this in a structural way, it's chaotic at best and catastrophic at worst.

How the EU will handle this will be a defining moment in their history and will potentially make or break the union in the longer term.