One of the remarkable facts of Greece’s economic crisis is this: After a 25% contraction in the economy, a plunge in domestic consumption and a sharp decline in imports, Greece is still exporting less than it imports; the current account is still negative (see note below).

That basically means the Greek economy still consumes more than it earns. Without a large current-account surplus, the Greek government and Greek companies will have big problems repaying the debt owed to creditors throughout the eurozone and at the International...