'..Greece was living beyond her means after the euro was introduced..'

'..There is no reason to believe that such reforms as there have been in Greece will be enough to enable Greeks to live comfortably within their means..'

<blockquote>'Even if they got their debts entirely written off, it would all start over again before long

This is the fundamental point. Greece was living beyond her means after the euro was introduced; taking advantage of the cheap interest rates on the euro bestowed by its status as a strong currency backed by Germany. They had a great big party, buying all those nice German cars and the consumer digital wonders of the noughties; and now the hangover is still taking time to work through. There is no reason to believe that such reforms as there have been in Greece will be enough to enable Greeks to live comfortably within their means. The debts will pile up and the crisis will return. Syriza has no policies to make Greece competitive with say the Slovaks or Poles, let alone Korea and China.'

- '..Syriza has no policies to make Greece competitive..', January 28, 2015</blockquote>


Context

<blockquote>'Greece Needs Broader Structural Reforms Than Syriza Has Proposed'</blockquote>