On Project Syndicate, Daniel Gros argues that
Greece’s official creditors have granted it long enough grace periods and low enough interest rates that the [debt] burden is bearable. Greece … spends less on debt service than Italy or Ireland, both of which have much lower (gross) debt-to-GDP ratios.
… only governments with access to market finance can use expansionary fiscal policy … it is disingenuous to claim that the troika forced Greece into excessive austerity. Had Greece not received financial support in 2010, it would have had to cut its fiscal deficit from more than 10% of GDP to zero immediately. … the troika actually enabled Greece to delay austerity.