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Austerity without end


The media has largely ignored the main message from Monday’s meeting of euro zone finance ministers: that the Greek people confront years, if not decades, of austerity.

In comparison, the issues headlined by the media—whether Greek debt falls below 120 percent of gross domestic product (GDP) in 2020 or in 2022; whether lending rates are lowered or a debt haircut is imposed—were of a marginal and largely hypothetical nature. They boiled down to the question of how many food scraps one allows the victim, in order to exploit him as long as possible, before he eventually dies.

Despite their differences on a number of issues, the assembled finance...