German banker: need more than Greek debt writeoffs (AP)

The bailout of Greece was bungled because it was an attempt to save the single currency rather than the debt-stricken country, according to a highly critical report by the International Monetary Fund. The internal report on the handling of the Greek crisis has detailed a catalogue of errors, which led to the IMF breaking three out of four of its own rules relating to lending money to bankrupt countries.

With less than 20 days left until the Greek general elections, bluffs, counterbluffs, speculation, and propaganda are running wild, all of which, however, can be reduced to the following simply question: who has the leverage?

Germany and the IMF, which in recent past seemed ambivalent at best to keeping Greece in the eurozone, are suddenly acting as if Greece is a life-or-death matter.

How much money is the government of Greece capable of collecting? That's the basic question behind economist Michael Rizzo's recent exploration of what he called the "Government Budget Identity" for Greece:

Top economists, including Nobel prize-winners Joseph Stiglitz and Chris Pissarides, are calling for debt forgiveness for Greece as the country heads into a crucial election on Sunday.

Top economists, including Nobel prize-winners Joseph Stiglitz and Chris Pissarides, are calling for debt forgiveness for Greece as the country heads into a crucial election on Sunday.