Time for debt reduction in Greece

Kicking the can down the road with an ‘extend and pretend’ approach to high debt simply makes matters worse. And it seldom works in the long runOnce again, Greece is at an inflection point. With its cash balances severely stressed, it seems unlikely to be able to meet the cascading debt payments falling due over the next few months. So yet another round of contentious and protracted discussions with its creditors is underway – one that may well produce yet another short-term so