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Mark Gilbert

Ten Billion Risks in Greece's Summer of Discontent

The bond market shows growing worries about Europe.
It's not all sun and fun.

It's not all sun and fun.

Photographer: ABDELHAK SENNA/AFP/Getty Images

Europe is gearing up for a summer of discontent. There’s the U.K. referendum on European Union membership, a simmering refugee crisis and an increasingly desperate European Central Bank. Taken together, this list gives reason enough to be fearful about the health of the European project in the coming months.

But there is also Greece, which is caught in a spat between Germany and the International Monetary Fund over debt relief as it seeks yet more bailout money. Greece -- whose economic crisis already threatened to destroy the irrevocable nature of euro membership -- still seems to be dragging its feet over state asset sales and pension reform. It is hemorrhaging cash from its banking system. Athens has to find more than 5 billion euros ($5.7 billion) to meet its debts in June -- and another 5 billion euros in July.