After eight years, Greece has finally exited bailout territory, and the European Union is making a strong case that the program was a success. But while Greece may have ended the process, the underlying issues that wrecked its economy remain largely intact.
None of the measures has solved Greece’s real problem. No, it’s not the euro or the austerity plans. It’s not the cost or maturity of its debt. Greece pays less than 2.3 percent of GDP in interest expenses and has 16.5 years of average maturity on its bonds. In fact, Greece already enjoys much better debt terms than any sovereign restructuring plan in recent history.
