Stiglitz et al.

Enable Greece to pay the €1.6bn payment to the IMF on June 30. Allow a debt swap with ECB bonds coming due in July and August in exchange for bonds from the bailout fund, with longer maturities and lower interest rates reflecting the lower borrowing costs of the creditors. Then make a fresh start, bearing in mind, first, that the contractionary austerity policy demanded of Greece has been discredited by the IMF’s own research department; and second, that Syriza’s leaders are committed to undertaking far-reaching reforms in the Greek state — if they can get the latitude to do so.

Prof Joseph Stiglitz

Columbia University; Nobel Prize winner

of Economics

Prof Thomas Piketty

Paris School of Economics

Massimo D’Alema

Former Prime Minister of Italy; president

of FEPS (Foundation of European

Progressive Studies)

Prof Mary Kaldor

London School of Economics

Prof Stephany Griffith-Jones

IPD Columbia University