With Greece's cash balances severely stressed, another round of contentious
discussions with its creditors has begun. The only way to escape this vicious
cycle, and enable Greece finally to leave its troubles behind, is to stop
kicking the can down the road and agree to a credible debt-reduction program.
Every economic program imposed on Greece since the financial crisis struck in
2009 has assumed that structural reforms, boldly conceived and implemented,
would bring about rapid economic recovery. But any serious assessment of the
results produced by structural reforms around the world would have poured cold
water on such expectations.