And Greece should not have to run a substantial primary budget surplus for now. Under a relatively “good bargain,” the creditors would modify interest rates and extend maturities further, as the International Monetary Fund now suggests, so that Greece does not have to pay the unpayable over the coming years, in exchange for growth-enhancing structural reforms.
“坏讨价还价”要求各方放弃最重要的重点。欧洲央行不应该同意直接减记希腊债务。希腊也不应该现在保持巨大的初级预算盈余。在相对较“好的讨价还价”中，债权人应该如IMF现在所建议的那样调整利率并进一步延长期限，以使希腊不必在未来几年中偿付它无力偿付的金额来换取加强增长所需要的结构改革。