Perhaps the most crucial question raised in last week?s IMF review of the Greek program is why there wasn?t a quick restructuring of Greek sovereign debt in early 2010 since it was apparent to pretty much everyone (including, we now know, the IMF) that this debt was completely unsustainable. The IMF report firmly blames the Europeans:
debt restructuring had been considered by the parties to the negotiations but had been ruled out by the euro area.
The report also complained about the length of time the euro area leaders took to realize that a debt restructuring was required.
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