To convince the Syriza government to accept measures to rebalance public finances and their economy, measures they had fought against ever since they took power, it took bank closures since June 29 and the clear perception that Greece was going to find itself outside the euro in a matter of days. At the time this commentary was written, the Greeks have managed to get the corrective measures prescribed by Eurozone leaders passed through parliament. The Bundestag has approved the new bailout plan. Assuming no more stumbling blocks emerge, one might hope that this phase of acute emergency will soon end. The markets have already celebrated.

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