Even the EU has stopped putting lipstick on the pig that is Greek debt


Europe has got by for the last five years by pretending that Greece is solvent and will pay all its debts back if it’s just given time. That pretense is looking harder than ever to keep up Tuesday after the European Union published new economic forecasts that revised the troubled country’s debt trajectory sharply higher.

The European Commission said in its latest semi-annual forecasts that it now expects Greece’s ratio of debt-to-gross domestic product to top 180% this year, as the country’s slide back into recession hits growth and tax revenues.

That threatens to unravel even the existing arrangement that is getting by on life support while the Eurozone and Athens haggle over a package of substitute reforms. It makes the prospect of a new, third bailout, which most observers see as necessary, impossible.

The current bailout deal depends on the support of the International Monetary Fund. But the IMF…

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