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Greece Gets Warnings From Creditors: Now Comes Hard Part

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One phrase echoed from Brussels to Frankfurt and Washington as Greece’s creditors examined and then waved through the country’s new economic policies: “starting point.”

While the month-old government in Athens was praised for coming up with a workable package of measures including maintaining state-asset sales and collecting more tax, the European Commission, European Central Bank and International Monetary Fund all warned that action speaks louder than words.