One fact is certain at the moment: Greece desperately needs a new bailout program in place by August 20, when Athens is due to make a bond payment of €3.5 billion to the European Central Bank (ECB). But what kind of bailout program? History shows that the previous two bailouts may have done more harm than good. The reasons are definitely not simple and point back to times before Greece joined the single European currency. Despite optimism in Greece and cautious optimism elsewhere, Germany prefers offering another bridge loan to Greece to cover upcoming dues, in order to give Athens and its creditors enough time ... (full story)