In fact, this is a clear recognition that any program put together by Greece’s lenders and international institutions is doomed to fail without further action regarding its debt.
“At the moment a restructuring of the Greek debt burden is the most important issue. Without it there won't be a sustainable solution for the problems” Jason Furman said in an interview published on Thursday. He also stressed that Greece needed to undertake structural reforms and implement a responsible budgetary policy.
Jason Furman also referred to the upcoming referendum in Britain and its consequences should the British people vote to exit the EU. “You can certainly argue about whether the damage a Brexit would cause would be small, medium or big but it would definitely cause damage, especially for the Brits but also for the Europeans and the global economy. We don't need more uncertainty at the moment” he said.