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Greece’s Bailout Is Ending. The Pain Is Far From Over.

By Liz Alderman. NYT. Aug. 19, 2018

Monday 20 August 2018, by Carlos San Juan


Greece is reaching a milestone in one of the most ruinous financial crises to hit Europe. On Monday, the country will officially end its reliance on over 320 billion euros, or about $360 billion, of bailouts, opening a path to a new era of financial independence. The economy is slowly returning to growth, and European leaders are declaring an end to a debt crisis that nearly broke up the euro.

But the price of Greece’s apparent turnaround has been steep. A wrenching downturn, combined with nearly a decade of sharp spending cuts and tax increases to repair the nation’s finances, has left over a third of the population of 10 million near poverty, according to the Organization for Economic Cooperation and Development.


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