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Greek bailout: déjà vu all over again

Greece and its creditors have finally reached a deal. So the immediate threat of Grexit has been averted and talks are due to begin shortly on the country’s third bailout. Are these grounds for relief and celebration? The short answer is no, and this note explains why, in three parts:

  1. What does Monday’s deal consist of?
  2. What are the preliminary hurdles over the week ahead?
  3. More fundamentally, why can’t this deal work?

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