Can You Believe It’s Been Five Years Since That First Greek Bailout?

Happy 5 Year anniversary, first Greek bailout!
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Wasn't supposed to be happening because WE FIXED IT.

Do you, like the ECB, IMF and 80 million Germans, have a nagging grinding sense of déjà vu over this whole Greece thing? This awful feeling that, damnit, we’ve been here before and FIXED IT? But still it seems that nothing has been accomplished? If so, it’s probably because we have, and haven't.

When Europe and the International Monetary Fund first agreed to bail Greece out on May 2, 2010, the plan was to return Greece to growth and bond markets within three years.

Instead, after half a decade and €245 billion ($274 billion) in promised loans, the two sides have reached an impasse….

Without fresh aid, Greece faces default on its international debts in July, when heavy bond repayments loom, if not sooner….

“Our creditors are monsters. They want to get everything,” said Despina Preveredou, a retired doctor from Athens who voted for Syriza. Like many of the party’s supporters, she said she wants to see Mr. Tsipras stand his ground and resist harsh measures—and has full faith that he will.

Five Years After First Bailout, Greece Back on the Brink [WSJ]

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