Lessons from Greece and other unsuccessful bailouts

The best rescue programmes are those in which the debtor country proposes the policy changes - rather than being imposed from the outside

As the Greek crisis evolves, it is important to understand that a successful structural adjustment programme requires strong country ownership. Even if negotiators overcome the most recent sticking points, it will be difficult to trust in their implementation if the Greek people remain unconvinced. That has certainly been the experience so far.

And without structural reform, there is little chance that the Greek economy will see sustained stability and growth - not least because official lenders are unwilling to continue extending an unreformed Greece significantly more money than it is asked to pay. (This has been the case through most of the crisis, even if one would never know it from the world press coverage.)

Related: Joseph Stiglitz: how I would vote in the Greek referendum