The best way forward for Greece is a major debt restructuring and a ‘hard’ budget constraint

Talks are continuing between Greece and its creditors in advance of a scheduled Greek debt repayment to the IMF on 30 June. Charles Goodhart and Dimitrios P. Tsomocos argue that the best way forward for Greece would be to undertake a major restructuring of Greek debt and to enforce a ‘hard’ budget constraint on all future public expenditure.