The well-respected Lex column in the FT says it is time to cut Greece adrift and concentrate on saving the rest of the eurozone. I completely agree.
Greece is a lost cause. No amount of fiddling, massaging or austerity is going to get the country to meet its fiscal targets for 2011. It may be that the Greek government is ducking the most difficult challenges because it lacks political courage. But that hardly matters. Athens is in a vicious spiral that poses a grave threat to the eurozone. It is time for policymakers to get their priorities right. The task now is not to save Greece, but to save the eurozone.