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[David Morris]

http://www.nytimes.com/2015/07/15/upshot/the-imf-is-telling-europe-the-euro-doesnt-work.html?hp&action=click&pgtype=Homepage&module=first-column-region%C2%AEion=top-news&WT.nav=top-news&abt=0002&abg=0&_r=0

It reads like a dry, 1,184-word memorandum
<http://graphics8.nytimes.com/packages/pdf/business/IMF-Greece.pdf> about
fiscal projections. But the International Monetary Fund
<http://topics.nytimes.com/top/reference/timestopics/organizations/i/international_monetary_fund/index.html?inline=nyt-org>’s
memo on Greek debt sustainability, explaining why the I.M.F. cannot
participate in a new bailout program unless other European countries agree
to huge debt relief for Greece, has provided the “Emperor Has No Clothes”
moment of the Greek crisis, one that may finally force eurozone members to
either move closer to fiscal union or break up.
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