Is the Troika learning from its mistakes?

While the IMF conceded last week that mistakes were made in Greece’s 2010 bail-out programme, it suggested that earlier debt restructuring was the way forward rather than bigger bail-outs. Meanwhile, the EC and ECB still seem convinced that austerity is the best policy and GDP forecasts for indebted countries remain much too optimistic. All of this suggests that fears of more bondholder losses will prompt renewed increases in peripheral bond yields before long.