As if Italy and Brexit weren’t challenging enough, the European Union will soon have to deal once more with Greece and its debts. The country is due to leave its third economic adjustment program this summer. After nearly a decade of support from its euro-zone partners and the International Monetary Fund, Greece and its creditors are hoping that it will soon be able to function once more like a normal economy.
Without further moves on the part of Europe’s governments, that hope is likely to be disappointed. Greece needs further debt relief, well beyond what the creditors have contemplated so far.