Creditors' economic plan for Greece is illiterate and doomed to fail

The troika's austerity policies have already failed twice, and once again they will only make the severe economic problems that Athens faces worse

The troika plan for the Greek economy has already failed twice, and it will fail for a third time if the economically illiterate plan being foisted on Athens is adopted. Greece requires growth and debt relief, but the proposals currently being discussed provide neither.

As usual, the International Monetary Fund, the European commission and the European Central Bank will come up with forecasts showing that the latest set of austerity measures will boost confidence, promote investment, stimulate growth and lead to lower unemployment. As usual, they will be wrong. The recession will deepen and the crisis will return.

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