Greece's creditors need a dose of reality – this is no time for European disunion

It cannot benefit Europe to have a country on its periphery alienated from its neighbours, especially during this period geopolitical volatility

EU leaders continue to play a game of brinkmanship with the Greek government. Athens has met its creditors' demands more than halfway. Yet Germany and Greece's other creditors continue to demand that the country sign on to a programme proven to be a failure, and that few economists ever thought could, would, or should be implemented.

The swing in Greece's fiscal position from a large primary deficit to a surplus was almost unprecedented, but the demand that the country achieve a primary surplus of 4.5% of GDP was unconscionable. Unfortunately, at the time that the "troika" - the European commission, the European Central Bank and the International Monetary Fund - first included this irresponsible demand in the international financial programme for Greece, the country's authorities had no choice but to accede to it.

The troika's forecasts have been wrong, and repeatedly so

The knowledge that the euro is not a binding commitment will make it far less likely to work the next time