Avoidable tragedy

Print edition : July 24, 2015

Protesters wave a Greek flag and hold a placard reading "IMF+Troika=Criminals" in front of the European Commission's headquarters in Barcelona during a demonstration in support of Greece on June 29. Photo: LLUIS GENE/AFP

Pensioners queue in front of an open Piraeus Bank branch in Thessaloniki, Greece, on July 1. Even such payments put more pressure on banks than they could bear, underscoring the choices facing the government and voters in the referendum. Photo: Konstantinos Tsakalidis/Bloomberg

The refusal of European authorities and the IMF to address Greek debt restructuring exposes their desire to placate financial capital, but it may end in a Grexit that undermines the idea of the union.
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