Interesting post (Can Greece pull it off?) in VOX by the European Economic Advisory Group.
Here is the abstract:
Will the Greek rescue package be enough or is restructuring inevitable? In this column, members of the European Economic Advisory Group argue that even if the sovereign debt crisis is resolved, Greece must deal with its unsustainable current-account deficit. This requires an unenviable choice between internal and external depreciation and a government strong enough to take on the country’s rife tax evasion.
Does this remind you (hint:current account) of anything?