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Cypriot Banking Crisis (2013)

Why other bailed-out euro countries may back a third rescue for Greece

Why other bailed-out euro countries may back a third rescue for Greece

Having swallowed the bitter medicine of their own austerity-driven bailout programs, the people of Ireland, Spain, Portugal and Cyprus might be expected to insist that Greece live up to obligations taken on in exchange for the $270 billion it has already received. Public sentiment may be resentful toward the rebellious Greeks, who spurned their European creditors' last proposals for more budget cuts and higher taxes in a referendum Sunday that gave a resounding "no" to more belt-tightening pain. In fact, the governments in Dublin, Madrid, Lisbon and Nicosia have seen the benefits of fiscal reform and wise investment thrust upon them by the same "troika" of...

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