Greece's Punishing Deal

Tsipras's flirtation with default might bring about capital controls.

Back from the brink?

Photographer: Jasper Juinen/Bloomberg

On Monday, the Greek government put before its euro-area partners (I use the term loosely) the first serious proposal for a deal on renewing its aid package since coming to power in January. Amid the general optimism that an agreement may now be in sight, thus avoiding the uncertainties of a Greek default and exit from the euro, there was also a strain of barely suppressed fury among some of Greece's peers.

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