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Europe playing Russian Roulette

A convenient narrative for European political leaders is that Greece has brought the current crisis on itself, through failing to deliver on the programme agreed with the troika in May 2010.

While there has certainly been foot-dragging in Greece over the last 12 months, the Greek government has made a reasonable effort, in dreadful circumstances, to stick to the programme. The budget deficit has been cut sharply and a further austerity package is likely to be accepted.


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