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Greece's Next Bailout Battle

Another Long Summer in Athens

A frayed Greek national flag flutters among antennas atop a building in central Athens, Greece, July 20, 2015. Alkis Konstantinidis / Reuters

The Greek crisis erupted in 2009 and peaked for the first time in the spring of 2010. Unable to refinance its enormous debt, Greece was bailed out by the European Commission, the European Central Bank, and the IMF. The bailout  prevented a major economic catastrophe but signaled the start of a protracted economic and political drama that spread to the rest of the eurozone. In Greece, the crisis peaked twice more: in the summer of 2012, when two successive elections left Greece’s political system in shambles, and in the summer of 2015, when Greece’s newly elected left-wing government unsuccessfully threatened its European creditors and the IMF with a massive default in a failed attempt to win some debt relief and a break from austerity policies.

At each inflection point, commentators wrung their hands over the potential contagion from a catastrophic Greek default and subsequent exit from the eurozone. The near collapse of

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