Memoranda Written on Water?

Despite what all experts were advertising over the course of the last few months about the flexibility of the Greek bail-out Memorandum, it seems now that this document was written on water. How else would one explain the fact that the Troika has relaxed its stance against Greece and is now prepared to re-visit the document and re-negotiate the plan from scratch? To bear witness to this truth one also needs to assess the fact that the ephemeral lifespan of the Memorandum should be attributed to its complete failure to deliver what it was promising. Probably based on false assumptions right from its outset it has become anything but conducive to the verification of any economic formula conceived to solve the Greek household problem. Not very encouraging at all, if you think that the strongest economic brains were behind its conception unless this mess was created intentionally and by design. Though difficult to understand the motives behind a deliberate destruction of a country's economy and ability to survive on its own a geopolitical approach may offer some answers to the conspiracy theorists. However, even if we would buy into these kind of scenaria what is still lagging far behind is foreign investment. Some scepticists said recently that the country's assets are sold for a dime and our current government seems to share this view and has therefore halted all privatisation plans commenced by the former government. My experience from living and working in hyperinflation economies has told me that no matter how attractive the opportunity an investor would only buy-in if he is ascertained one way or the other that he is investing into a fiscally, legally and economically predictable environment. Are we that? Because it is one thing to negotiate our bail-out memoranda on water and an entirely different thing to lure investments that may prove to have been written on water...