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Alamy
Third time lucky? Greece’s debt crisis

This afternoon the Eurogroup of finance ministers will meet in Brussels for the third time in ten days to try to resolve the Greek impasse. They will not find it easy, because after an extraordinary 24 hours the mood is more toxic than ever. Yesterday the German government torpedoed a Greek proposal to extend its bail-out, which expires on February 28th. In the two-and-a-bit hours for which it stood, the offer was welcomed by the European Commission and others. But the Germans dismissed it as a “Trojan horse” that would allow the Greek government to obtain euro-zone funding without committing itself to previously agreed reforms. Furious, the Greeks retorted that the Eurogroup could take it or leave it. Some Europeans were unnerved by the German position; others lined up to defend it. The last two Eurogroup meetings ended in rancour and disarray. Today’s begins that way.

Feb 20th 2015
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