Why the Greek Deal Will Work
Most economists and political commentators believe that the latest Greek bailout was little more than an analgesic. It will dull the pain for a while, but the euro’s problems will metastasize, with a dismal prognosis for the single currency and perhaps the EU as a whole. But the conventional wisdom is likely to be proved wrong.
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LONDON – Now that Greek banks have reopened and the government has made scheduled payments to the European Central Bank and the International Monetary Fund, does Greece’s near-death experience mark the end of the euro crisis? The conventional answer is a clear no.