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Greek bailout deal is a classic fudge - but should work for now
There was something for everyone in the latest Greek debt deal. Athens gets enough money to stop the country going bust, Angela Merkel has done enough to keep Greece in the euro until after next year's German elections. The European Central Bank has fended off calls for it to take a haircut on its holdings of Greek bonds. Last but not least, the International Monetary Fund has forced Europe to get real about Greek's unsustainable debt position. If all that sounds a bit too good to be true then that's because it is. This was a classic late night serving from the Brussels fudge factory and it will certainly not be the ... (full story)
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