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Greece And Troika's Moral Low Ground

Let's say that Georgious has somehow used all his cash in expenses, with little revenue stream and is about to go bankrupt. Manfried comes along with a wheel barrow of cash.

Manfried: "I'll loan you some money to get out of this mess but only if you reorganize your business the way I tell you to."

Georgious: "What gives you the authority to tell me how to run my business"

Manfried: "Because my business has a profit and yours is bankrupt, clearly I know more about running a business than you do"

Georgious: "Fair point. What do you want me to do, and what will happen if I do it."

Manfried: "Fire some workers to cut expenses by 20%. Your revenue will drop a little at first then go back to where it is now, only you'll have 20% less expenses and be profitable."

Georgious: "Ok. I'll try it. Hand over the loan"

4 years pass.

Manfried: "Time to pay up."

Georgious: "I cut expenses by 20%. Only my revenue dropped 20%. Now I have a bunch of homeless ex-colleagues outside my office, no revenue and no money to pay you with."

Manfried: "You should have fired more colleagues. Now pay up."

Georgious: "Your business plan was a disaster! You lent money to fund your business plan and it failed. Your idea, your failure. I even made you a chart:

Troika plan vs. Actual

I'll even compare to your friends:

Oh and your R&D department just sent us a note (Box 3.5 from IMF) that your program of labor reform doesn't work."

Manfried: .... fair point?

Dear Troika... if your plan does not give the results predicted, you lose your authority to dictate the plan.