In his article Germany, Greece, and the Future of Europe, Jeffrey D. Sachs (economist and Director of the Earth Institute at Columbia University) criticizes Germany for lacking a creditor’s wisdom in the case of Greece. 

He explains that though it is right to demand strong reforms of a mismanaged debtor government, if the debtor is pushed too hard, it is the society that breaks, leading to instability, violence, coups, and pervasive human suffering. While the debtor loses the most, the creditors also lose, as they are not repaid. A smart creditor of Greece would ask some serious and probing questions: How can we help Greece to get credit moving again within the banking system? How can we help Greece to spur exports? What is needed to promote the rapid growth of small and medium-size Greek enterprises? He concludes that "this is a time for wisdom, not rigidity. And wisdom is not softness."

In an article titled Greece surrendered, but the real defeat was for Europe, Michael Cox (Director of LSE Ideas & Professor of International Relations at LSE) argues that the conditions attached to the bailout were exceptionally tough and aimed largely at deterring other left-wing parties, such as Podemos in Spain, from challenging the status quo.

He also points out that the lack of solidarity shown by other Eurozone states during the crisis raises serious questions about the nature of the European project.

 “With Germany now looking like the bully of Europe, France and Italy at odds with Germany, and the North now more distant from the South than it has been for an age, the EU is in need of some serious repair”, he stresses.