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Five Lessons on Greece

Dabrowski, Marek, (2015), “Five Lessons on Greece”, Bruegel publications, 17 Ιουλίου

The agreement reached at the Eurosummit in the early hours of on July 13[1] marks yet another dramatic turning point in the five-year history of attempts to avoid Greece’s sovereign default and its potential exit from the euro area. It is too early to say whether it will be successful or not. Many important details such as fiscal targets, other conditionalities, the scale of emergency financing, resolution of Greece’s large public debt and distressed banking sector will have to be negotiated in the coming weeks and months. On the other hand, the political commitment and administrative capacity of the current government of Greece to deliver on such an ambitious reform program remains in question.

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