The efforts of the International Monetary Fund, the European Central Bank and the hard earned money of the German taxpayer will not do anything to help Greece in the longterm. That is unless. Greece cuts the cost of government and that means cutting thousands of jobs from the public dole. If Greece, Spain and Portugal cannot get cuts in the cost of labor to the governments and cuts in total numbers of people working for these governments. Then this and any bailout of Greece will be wasted money.
Portugal tried to just freeze wages. There were people in the streets. No cuts of pay, just a freeze. Greece workers will not accept cuts or freezes in employment. The Greek retirement age is like 64 where in Germany it is 67. The point is: German and French taxpayers will be paying for people to retire in Greece while they still work.
Does this make sense? No. The Unions got these governments by the balls. They will not let go till the ship is so underwater that its dead. Then what ?
Disclosure: no positions