There is also no point in adjusting the scaling factor to “get it right” with the same objective. This is not the guiding principle of the new Capital Accord.
The question, however, is: how did Greece get in such a situation and does it have any alternative? The major effort of adjustment reflects the severity of the macroeconomic imbalances that have accumulated over years in Greece. Misguided economic and fiscal policies, lack of structural reforms: all these policies undermined the sustainability of public debt and created a very large competitiveness gap.