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July 1, 2011
Thank God that's over. Now we won't have to worry about Greece for … a couple of months or so.
If mounting anxiety over European debt—followed by a flurry of last-minute maneuvering to avert total disaster—is starting to seem like a regular ritual, get used to it. Authorities in Athens and other European capitals seem to have forestalled Greece's insolvency once again, with new austerity measures passed by the Greek government that will allow the struggling nation to get its next installment of bailout money from European governments and the International Monetary Fund. But there could be several replays of the drama over the next several years. "I'm afraid Greece will become like Groundhog Day," says Paresh Upadhyaya of Bank of America Merrill Lynch. "It's not going to disappear."