Wolfgang Münchau doubts efficiency of third rescue package

Wolfgang Münchau

Wolfgang Münchau

Mr Wolfgang Münchau is perhaps the most influential European thinker on eurozone  affairs. The co-founder and director of Eurointelligence and columnist of the Financial Times has closely monitored and analysed the European debt crisis since its outbreak in 2009. He has been also precise and correct in most of his predictions on the evolution of the Greek crisis. From May 2010, for instance, he had anticipated that a debt restructuring would be  – sooner or later – decided.

Mr Münchau kindly offered his view on the ongoing Greek drama and the discussions for a third bailout on chinaandgreeece.com. As he said: ‘I think the chances of an agreement are very high, and the chances of it succeeding in the long run a very low. This could be due to failure to implement reforms at some future change, an ability to make up for fiscal shortfalls through further austerity, and a lack of willingness by the creditors to grant debt relief. So the Grexit debate will come back at one point though I suspect not in the near future’.