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Europe just dodged a bullet, but the crisis is far from over

Europe just dodged a bullet, for the minute.  Greece will not default, at least not this month. Yesterday the IMF agreed to release €12bn, which is enough allow Greece to pay off all its bonds maturing in July.  The streets of Athens may be filled with rioters, the Greek government may be teetering, but the bondholders will get paid and that means Europe’s financial system has staved off disaster. But the crisis has not been…

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