Greece and the Euro Area

Greece’s second international bailout programme ended tumultuously with the Troika (EU Commission, ECB and IMF) refusing to disburse the bailout’s final instalments, Greece delaying two payments to the IMF and Greece on the verge of an exit from European monetary union. The introduction of capital controls and apparent acceptance of bailout terms seemingly unacceptable to the Greek government earlier in the year appears to have stopped an exit, at least for now.