Doubts grow over austerity for Greece

Philip Whyte, senior research fellow at the CER, describes the standoff between Greece and its creditors - which also includes the International Monetary Fund and the European Central Bank - as a bluffing game. "The social strains in Greece are increasing by the day. ... At the same time, there's a complete loss of trust amongst the troika [EU, IMF and ECB] in Greece's willingness and ability to push through the sort of reforms that everyone expects the Greeks to push through. ... There is a growing view among certain countries in northern Europe that this game can't go on. ... And that letting Greece go [i.e. leave the eurozone] may actually, in the end, be a better option."