Greece had to accept new austerity measures, but creditors should also take a haircut to finally end the crisis, Evercore Partners founder Roger Altman said Thursday.
"What I think is unfortunate really about this whole thing is that the right way to solve this would be austerity-round three of austerity so to speak on the Greek side-but debt relief on the creditors' side," he told CNBC's "Squawk Box."
"It's evident. The IMF has been very clear in the last three days especially about this not being ultimately solvable without debt relief."
Read More Greece approves tough austerity: What next?
Altman acknowledged that the Greeks went way past the point of living beyond their means, and said the current outcome is better than the alternative-Greece's exit from the 19-member euro zone.
The Greek parliament voted early Thursday to accept a cash-for-reforms deal, which will unlock another 86 billion euros ($94 billion) of bailout funds should Greece's European counterparts also approve the plan.
Altman said he believed the deal would eventually be approved, but added that it looks "rickety all around."
Responding to hedge fund manager Richard Perry's projection that Greece's bonds would eventually trade at par, Altman said a recovery will take 10 to 15 years.
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