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Why Three Rescues Didn't Solve Greece’s Debt Problem

On Aug. 20, Greece is due to graduate from its third international rescue program. The country is still saddled with a towering public debt — nearly 180 percent of national income — and Europe’s other governments are divided over how much more relief to grant. Without a sizable package of new concessions, Greece’s debt burden is unlikely to stabilize. Creditors are seeking assurances that the country won’t go back to the spending that brought the economy to the brink of collapse in 2009.

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