What is clear, however, have no doubt about it, is that Greece will be exiting the 3rd MoU, but will be entering something new, not a 4th MoU, but something hybrid with conditionality since debt relief, according to all evidence, will be given in tranches. 4.
Finally, it seems that austerity will stay with us at least for another 4 years as primary surpluses of 3.5% are required until 2022. Before turning to my own proposals for Greece, one word about the IMF. It is not clear yet what role the IMF holds for itself. Any IMF decision about its future role will be fully respected.