European leaders did their best to avoid a clear stance on Greece yesterday. But with a budget deficit of over 12% of GDP, a debt ratio of almost 120% of GDP, an electorate fiercely opposed
to the mere announcement of spending cuts, the leeway for tax increases largely exhausted
, and European neighbours terrified of the consequences of a Greek default, a bailout is only a matter of time. Yet it will only exacerbate structural flaws at both the European and the Greek level.