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In the frantic days after Tsipras signed up to the austerity deal, the IMF publicly broke ranks with its fellow creditors, warning that the country might need a debt moratorium of up to 30 years to make its repayments manageable.
To simplify, the Anglo-Saxon charge is that Mr Strauss-Kahn has used the IMF, a global organisation, as a vehicle for propping up the eurozone, thereby lessening the short-term costs to EU members of bailing out members that are, in truth, insolvent, and need a debt restructuring of the sort that the IMF has prescribed so often for countries outside Europe.
They want to insist any money lent from the European Stability Mechanism (ESM) bailout fund can be paid back on a sustainable basis, and so they need a debt write off.
The European Union and Greece need a debt for dignity swap to increase the capacity of Greece to act with orderly compassion.
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At the sovereign level the same logic should apply to hopelessly bankrupt Greece: it needs a debt write-down.Second, nominal growth is essential to bring down the weight of debt.
Who needs a debt ceiling?
In the simplest sense, the country reaches the point when it needs a debt restructuring..
Ultimately, almost everyone believes the stricken country will need a renewed debt write-off.
The wait for a fuller answer will not last too long: The federal government is on pace to need a higher debt limit by March.
The prospect of Greece leaving the eurozone also retreated after a senior German politician suggested the country may need a second debt restructuring to stay in the euro.
We desperately need a new debt limit law, one thats connected to the spending process, provides incentives for Washington to control itself and improves the nations credit rating instead of harming it.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com