• Both sides on the Greek debt negotiations have made grave mistakes. Greece has been extraordinarily profligate until the financial crisis and has done too little in terms of structural reforms.
• The creditors should recognize Greece will not be able to pay back its debt and the imposed austerity has been counterproductive even on its own terms.
• Recognizing these mistakes offers a natural platform on which a compromise deal can be constructed.
• The position of the IMF is especially curious. The research department has acknowledged the mistakes but the hard-line negotiators on the ground have anything but learned these lessons.

Source: Has The IMF Gone Rogue? | Seeking Alpha