On June 15th one could read the following in a contribution for the Financial Times written by Wolfgang Münchau: “By accepting the [final] offer [of the creditors] Tsipras would have to agree to a fiscal adjustment of 1.7 per cent of gross domestic product within six months. My colleague Martin Sanbu calculated how an adjustment of such a scale would affect the Greek growth rate. I have now extended that calculation to incorporate the entire four-year fiscal adjustment programme, as demanded by the creditors. […] I come to a figure of a cumulative hit on the level of GDP of 12.6 per cent over four years. The Greek debt-to-GDP ratio would start approaching 200 per cent. My conclusion is that the acceptance of the troika´s programme constitute a dual suicide – for the Greek economy and for the Greek prime minister.”

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