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After months of games and brinkmanship, and only a week after Greek voters rejected the conditions for a $8.2 billion rescue package, the end came swiftly.Over the past five years, a whopping $377 billion has flowed from official creditors such as the European Central Bank and the International Monetary Fund into the coffers of the Greek government and the country's commercial banks. Although the European Financial Stability Facility had officially declared Greece bankrupt on July 3, the eurozone's leaders kicked the insolvency can down the road yet again.Indeed, Greece came within a hair's breadth of leaving the eurozone.Europe will face many such conflicts in the future if it continues to apply the same approach to its debt problems that it used in the Greek case. The fundamental error occurred in April and May 2010, when official lenders – in the form of other eurozone member states – replaced Greece's private creditors.Greek banks had lent most to the Greek government ($32 billion), followed by French ($22 billion), German ($18.6 billion) and U.S. banks ($4.4 billion).
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