They’re
all but out of time. Athens and the EU have been playing chicken for
weeks, each hoping the other would flinch first. Now, as its $1.8
billion loan payment to the IMF draws near, Greece has realized it’s the
one with everything to lose. With his nation’s financial system at the
breaking point, Prime Minister Alexis Tsipras has agreed to levy higher
pension fund contributions and tax hikes. But even if that placates
European lenders, this drama is set for an encore this fall when more
Greek loans come due.
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