James K. Galbraith on Greece: Austerity without debt relief

OffGuardian

by Lynn Parramore, via DDP

Economist James K. Galbraith warns that ‘unrealistic expectations’ by Athens’ creditors is a recipe for turmoil.

A breakdown in negotiations may be the best outcome of Monday’s Eurozone finance ministers’ meeting on debt relief for Greece, warns INET grantee and University of Texas economist James K. Galbraith. That’s because, he believes, Greece’s debtors continue to demand unsustainable austerity measures as the price for bailout funds — measures the Greek government will, sooner or later, be forced to halt.

“A breakdown of the [Brussels] discussion would be the best outcome,” Galbraith says. “That would move some of the creditors a little bit more towards reality, perhaps. There’s no point in making more concessions to them. They just keep on asking for more. There’s no way to satisfy these people. They’re engaged in a land grab. They have a strategy to achieve that, but the time of…

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