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The good news is that a Greek default, which has become more likely after Prime Minister Alexis Tsipras' provocative rejection of what he described as the "absurd" bailout offer by Greece's creditors, no longer poses a serious threat to the rest of Europe.To judge by Tsipras' belligerence, he firmly believes Europe needs Greece as desperately as Greece needs Europe. Talks between Greece and its European Union and International Monetary Fund creditors collapsed Saturday, and if Tsipras refuses to submit to the conditions set by the "troika" (the European Commission, European Central Bank and the International Monetary Fund) before the end of June, the ECB will stop supporting the Greek banking system. The ECB's newfound ability to print money, essentially without limit, to support banks and governments has reduced Greek contagion to insignificance.Greek politicians who still see the threat of financial contagion as their trump card should note the coincidence of the Greek election and the ECB's bond-buying program and draw the obvious conclusion.
Examining Europe’s economic prospects
Will Boris Johnson’s political coup succeed?
Has a no-deal Brexit become more likely?
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