Greece will not receive any more rescue funding until the medium-term package is in place.

ECONOMIST: The reform programme is badly behind schedule

In an ideal world, America's politicians would come up with a package of medium-term spending cuts and tax reforms to fill the country's fiscal gap.

ECONOMIST: A better way

In America the new deficit-focused climate is preventing politicians from passing a temporary (and sensible) fiscal stimulus package without inducing them to tackle the sources of the country's huge medium-term deficit by, for instance, reforming social security.

ECONOMIST: Global economic policy