Contemporary politics and much media commentary concentrates on getting the IMF/EU packages through and into effect for Greece, Portugal, Ireland, and to discussing the need for one in Italy. There is rejoicing when governments change, coalitions form, or even better when there is a government of national unity to close down dissent and opposition.
All have to sign up to the packages, and anyone who disagrees is said to be unhelpful, endangering the whole edifice.
The problem occurs if these policies do not work. Where then is the alternative team and the alternative policy to offer hope or to get it right? IMF programmes have worked in the past when public spending reductions have gone alongside devaluations and monetary and interest rate manipulations. Getting IMF packages to work in Euroland is altogether more difficult, as they have no control over currency and interest rates, and may find deficits rise rather than fall as economies contract.