Greece is once again caught between the interests of its lenders and its own citizens. As part of a 2015 rescue package, Greece must meet strict fiscal targets to unlock more financial aid and keep the International Monetary Fund, an important creditor, involved. The IMF says the country won’t meet those targets, touching off yet another global spectacle over the fate of Greece, the future of the euro area and the viability of the single currency.
Same as it ever was. Greece’s government, unable to borrow from bond markets at affordable rates, has relied for years on loans from Europe’s bailout fund and the IMF to pay its bills. Those loans come with strict conditions, and the government and its creditors are arguing over whether Greece is fulfilling them. Investors are back on red alert and deadlines for a solution are again being floated and missed.