Water under the bridge

From that Eurogroup Greece prior actions draft still under discussion in the middle of the night in Brussels —

There are serious concerns regarding the sustainability of Greek debt. This is due to the easing of policies during the last twelve months, which resulted in the recent deterioration in the domestic macroeconomic and financial environment.

It’s a truly remarkable statement that concerns about the sustainability of Greek debt only arose in the last year, since the 2010 IMF bailout — an event that everyone, including the IMF, seems to have forgotten — was only rammed through by ignoring the normal IMF debt sustainability criterion.

UPDATE: The identical statement is in the final draft.