Greece’s bailout disaster

THERE is unmitigated joy in Brussels at the International Monetary Fund’s decision to bail out Greece by releasing several billion dollars to pay off the country’s debts. But for ordinary Greeks this is a disaster which will keep the country in the euro, meaning mass unemployment, national humiliation and heartbreaking poverty for years to come. The only solution for Greece is to return to the drachma. Were it to do so, it could devalue its currency — making it more attractive to foreign investment — and prosperity would return within the period of a few short years.