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Opinion
Mark Whitehouse

A Glimmer of Hope in Greece

For the first time this year, money is flowing back into the country.
Making a deposit?

Making a deposit?

Photographer: Matthew Lloyd/Bloomberg

For all the difficulties that Greece has suffered and must yet endure, there is at least one sign of improvement: Since the government reached a deal with its European creditors in July, money has been flowing back into the country.

Let's be clear: The months of negotiations between Greece and its creditors, and the agreement that ensued, are nothing short of a political and economic fiasco. Europe, and particularly Germany, imposed terms that -- though they include some much-needed reforms -- will stifle growth in the near term and leave the government even deeper in debt, if the country's leaders can even follow through. Greece's economy, which had been poised to start recovering, is now expected to shrink through 2016.