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The Editors

Greece’s Ordeal Is Far From Over

Only genuine debt relief can ensure it won’t be back in crisis.

Maybe too soon to put on the tie.

Maybe too soon to put on the tie.

Photographer: Milos Bicanski/AFP/Getty Images

Greece reaches an important milestone today: After nearly nine years of crisis, brutal austerity and political turmoil, it’s exiting what is supposed to be the last of three bailout programs. If only it weren’t doing so with Europe’s largest debt burden.

Europe’s leaders are understandably eager to be done with an embarrassing episode. The debt crisis that began in 2010 highlighted not only Greece’s financial mismanagement, but also how Germany, France and other core countries allowed their banks to enable it. Bailing out Greece was an act of political sleight of hand: It indirectly saved the banks, while putting the onus on the Greek people.