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Eurozone Crisis

Greece is on the brink of meltdown due to spiraling debt, and the deficit crisis is continentally contagious. Last year, the International Monetary Fund bailed out Greece to the tune of 110 billion euros, contingent on the implementation of strict austerity measures. On the heels of this dramatic action came bailout packages for Ireland and Portugal. And the Greek tragedy is far from over as the debate over whether to accept debt-forgiveness conditions upended the government in Athens. Furthermore, other debt-laden European nations risk going under.

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Greek Prime Minister Alexis Tsipras is received by Greece's President Prokopis Pavlopoulios (unseen) in Athens, Greece, August 20, 2015. Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece's creditors for a better bailout deal but had to cave in. Reuters

Alexis Tsipras is taking a large gamble in calling for yet another Greek election. If Tsipras does not return to office with a majority government, Greece’s political stability and international reputation will suffer.

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Greek Prime Minister Alexis Tsipras (R) and Economy Minister George Stathakis attend a parliamentary session in Athens, Greece, August 14, 2015. Tsipras urged lawmakers to approve an 85-billion-euro bailout agreement with creditors on Friday, calling it a "necessary choice" for the nation.   REUTERS/Christian Hartmann  - RTX1O7QS

Last night’s vote in the Greek parliament on a new bailout program has to raise serious doubts about Greece’s ability to implement that program, as the vote revealed deep divisions within the ruling Syriza Party that are highly likely to usher in a new period of domestic political instability.

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Suppose the Greek government had kept defaulting on its debt instead of yet another time getting new loans with which to pay off some of the old loans.

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People wait to enter a Piraeus Bank branch at the city of Iraklio in the island of Crete, Greece July 20, 2015.  Reuters

Greece has violated loan terms several times in the past. Offering debt relief will remove the only leverage the Eurozone countries have.

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5Q_Europe

Five questions about Europe that each presidential candidate should be able to answer.

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International Monetary Fund Managing Director Christine Lagarde chat with European Stability Mechanism Managing Director Klaus Regling (R) during a euro zone EU leaders summit on the situation in Greece, in Brussels, Belgium, July 11, 2015. Reuters

Over the past five years, the International Monetary Fund has consistently indulged in wishful thinking and led Greece along a policy path that has brought it close to economic and political ruin.

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Anti-austerity protesters lift a Greek flag in front of the Greek Parliament in Athens, Greece July 15, 2015. The slogan on the flag reads "Greece I love you." Reuters

America doesn’t have to end up like Greece but it’s going to take a principled, conservative approach to fend off our own incoming entitlement disaster.

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A discussion on how the new austerity deal for Greece will fail both economically and politically.

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A protester shouts slogans during a rally organised by the country's biggest public sector union ADEDY marking a 24-hour strike in Athens, Greece July 15, 2015.  Reuters

The net result of this deal will be to deepen Greece’s economic and political woes in the very near term. That is bound to pave the way for a major political backlash and a disorderly Greek exit from the euro before year-end.

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Griekenlands positie in de Eurozone en zelfs in de EU blijft wankel.

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