Barry Eichengreen : Lessons of a Greek Tragedy

the International Monetary Fund now agrees that debt restructuring should have been undertaken earlier. But this was not its view at the time. Under the leadership of Dominique Strauss-Kahn, the Fund was in thrall to the French and German governments, which adamantly opposed debt relief. 
Read more at http://www.project-syndicate.org/commentary/what-greece-should-have-done-differently-by-barry-eichengreen#a56IIdMtWmHcR7I8.99