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Once again, Greece is at an inflection point.Even Cyprus has performed better, avoiding economic collapse and recapturing growth in the last two years, whereas Greece relapsed into recession.The Greek economy's performance also looks weak relative to that of Iceland, a country that, lacking the external support that Greece received, endured a vicious market adjustment. Greece can overcome its economic troubles only if it modifies its approach. Specifically, Greece and its creditors must agree to a credible debt-reduction program that would support the domestic reforms needed to reinvigorate Greece's growth engines and place its internal obligations in line with its capabilities. If clear economic logic somehow does not provide sufficient motivation for Greece's European partners to support debt reduction, surely Greece's front-line role in Europe's historic refugee crisis does. After eight long years, it is time to give Greece the help it needs, in the form of a proper growth-oriented round of debt reduction.
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