Greece Is Merkel's Failure Too

Greece's creditors blew their chance to collect 70 percent of what they were owed.

Sharing the blame.

Photographer: Thierry Charlier/AFP/Getty Images

By voting no in last Sunday's referendum, and by such an impressive margin, Greece won itself a moment's elation -- and may come to regret the consequences for years. It was one more in an absurdly extended series of miscalculations.

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