Reuters wrote in May (“Euro zone: more time needed for Greek reforms”):
“Euro zone finance ministers will not meet on Thursday and need more time to discuss Greek reforms that would unlock new loans, signaling significant differences remain between Athens and its lenders on bailout targets.”
“Signaling significant differences?!“
What they’re signaling in this “never-ending story” is that Greece will never be both willing and able to repay its existing national debts—and neither side wants to admit that truth.
What they’re “signaling” is that the EU creditors refuse to face reality: Greece is bankrupt. Therefore, Greece should be allowed to file for bankruptcy because it can’t possibly repay its existing debt. Greece should be allowed to rebuild its economy without repaying existing EU debt obligations—and also without going deeper into debt.
What they’re “signaling” is the creditors’ refusal to admit that “what can’t be paid, won’t be paid”.