Greece and its creditors are wrestling with the country's debts yet again. It probably won't be the last time. As long as they keep making the same mistake, the next agreement is no more likely to succeed than the others.
Back in 2010, Greece was given one of the biggest bailout programs in history. It got new lending in return for fiscal austerity, but its debts weren't reduced: Creditors were spared any write-offs. Experts objected that the program put too big a burden on Greek taxpayers, that this was neither politically nor economically sustainable, and that creditors should be made to take losses. They were right then, and they still are.