Leaving Greece in Limbo Helps No One

Greece is back in the news, for all the wrong reasons. Wrangling between the International Monetary Fund and the European Union threatens to prevent a bailout deal by the time euro-region finance ministers gather in Brussels on Feb. 20. Both sides should acknowledge the efforts Greece has made to boost tax revenue, sell off state assets and return the economy to growth. The EU should sign off on the next aid payment, paving the way for Greek bonds to be considered for the European Central Bank's bond-buying program.

There's a risk that the debate drags into the summer, when rising Greek debt repayments will add renewed urgency to the debacle. Cumulatively, Greece has to repay almost 23 billion euros ($25 billion) of bond principal by the end of August, according to data compiled by Bloomberg. The peak comes in July, when the nation owes more than 8 billion euros to its creditors: