"Experience shows that it is not possible to reason economically with the German and eurozone creditors," Michael Hudson observed Monday.
"It is best to start at the outset to anticipate being treated by Europe much like the United States treated Cuba, Iran and North Korea, and make plans for an alternative to chronic austerity and emigration," he emphasized.
The aid package came with a series of strict economic reforms imposed on Greece by its lenders, which the ruling left-wing Syriza party had originally vowed to eradicate when it swept to power in January.
A nationwide referendum rejecting austerity early last month failed to bring about more favorable terms in Athens’ negotiations with its creditors.
The demands of the Greek population are unheeded amid economic reforms imposed on Greece by its creditors, ISLET head noted.
"Neither the Greek negotiators nor Greek voters were given a voice in the settlement terms. Their economic arguments to eurozone negotiators were met with stony silence," Michael Hudson said.
"The austerity measures imposed on Greece by Germany and the European Central Bank [ECB] are a bad policy that will force Greece into deeper austerity," the ISLET president emphasized.