jvc, right now it doesn't matter what "reforms" Greece implements. The gig is up. The issue is a macro one, not micro.
What the EU (Germany) did by convincing the ECB to withdraw funding to Greek banks should be an eye opener to everyone that reads this thread. Apart from the fact the it was morally despicable, it's just not how a monetary union works. Such a thing would never happen in say the US. The US government doesn't just withdraw all funding to California or Detroit because they are having serious problems. The EU (Germany) want it to be an economic entity but without fiscal transfers. I get that they find this morally reprehensible. But if that's the case, you can't have an EU that can work. Not in the long run anyway. Just have a look at Europe now. It's a mess.
Austerity is always contractionary. Always. This is macro economic 101. And what the EU has gotten Greece to agree to is austerity on steroids. It will only make things worse. There isn't a chance in hell the Greek economy will improve by any reasonable margin. And then Germany will blame it on not having open markets or some such silliness. These are problems no doubt, but in and of themselves are not the core of the problem.
I'm beginning to think maybe Germany made the terms so onerous so that Greece could only but fail. And then they can have us removed ... with moral authority on their behalf. Wouldn't that be ironic.
Reforms, reforms, reforms. I'm afraid in this case, reforms of any kind won't help Greece get out of the hole. Only growth can do that, but that was flatly rejected by the EU when it was presented to them as an alternative by Varoufakis. I wonder why ?? Either they didn't want it work, or they don't understand macro economics. Either way, this is not an entity I want running Greece. Unfortunately, it's going to take more years of pain for the average greek citizen to realise the EU isn't the saviour they all thought it would be.