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Banks Come First in a Greek Rescue Plan
It now appears that Europe is prepared to pay what it needs to pay to save its banks. But not to rescue Greece. Once again, there is optimism that a new round of European talks are going to result in an announcement of a Greek bailout. On Thursday, the Greek political parties caved in and agreed to a new austerity package that will satisfy the latest European demands. When other loose ends are tied up, it appears the Greeks will have given up their principal bargaining chip — the threat that if they are allowed to collapse, they will take the European financial system with them. If that happens, then at some point ... (full story)
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