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The programme prevents an immediate shock to fragile financial systems: it is overtly a rescue of Greece, but covertly a bail-out of banks. But it is far from clear that it will help other members now in the firing line.
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Other eurozone members might well end up on their own. None is in as bad a condition as Greece
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But several have unsustainable fiscal deficits and rapidly rising debt ratios.
Martin Wolf - FT: A bail-out for Greece is just the beginning
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