Last week the notorious "troika" representing the three major lenders to severely indebted European Union nations — officials from the International Monetary Fund, the European Commission and the European Central Bank — once again descended upon Athens to consider new Greek proposals for dealing with its debt. (The IMF has recently expressed some doubts, but Greece is still in the game.)
The three were asked to approve a new Greek government plan to complete its 2014 budget in a way that would justify the next scheduled payment of troika loans needed for Greece's national "bailout."
In return for a new troika loan payment, the Greeks undoubtedly will be expected to offer still more austerity measures. After already accepting drastic orthodox fiscal punishment since 2010 — and a six-year recession that has produced unemployment of nearly 28 percent and a 40 percent fall in household disposable income — the Greeks would like some breathing space.