A third bail-out gets the green light

A MONTH ago Greek membership of the euro was in peril, as Wolfgang Schäuble, Germany’s powerful finance minister, argued that Greece should leave the monetary union for at least five years in what he euphemistically called a “time out”. Any such exit, which would almost certainly have turned out to be permanent, would have undermined a founding principle of the monetary union—that those joining the euro do so irrevocably. Even after euro-zone leaders meeting at a crucial summit...

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