[Osem]

There is something wonderfully mad about the idea that if Greece's creditors can agree on a bailout, which they have done, that represents important progress.

Because, as won't have escaped your notice, the biggest problem all along has been that the youngish Syriza government of the debtor, Greece itself, hates the conditions imposed by the creditors for the mooted rescue.

http://www.bbc.co.uk/news/business-32989534

Whatever the human temptation to say to the Greeks they shouldn't have borrowed the money and have to pay it back, it also defies precedent to argue that a country with such a relatively small and weak private sector will ever have the capacity to pay it back.

Which implies that the only rational conversation for Greece's creditors to have with Greece is the one they refuse to have - which is on the scale of a write-off necessary to take the country off an inevitable road to dangerous penury.