A Lonely Path to Walk


The fate of the euro hung in the balance following an announcement by Greek Prime Minister George Papandreou that he would put a proposed E.U. bailout of his debt-ridden country to a referendum. The product of laborious talks among leading European heads of state, the bailout would write off half of Greece's debt and lend Athens $140 billion, but it requires the Greeks to make deep cuts in public spending and in the pensions and wages of government employees. If Greece doesn't accept the deal--a likely outcome if the decision is left to...

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