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Greece's threat of suicide may be futile

ECB's bond-buying programme is designed to protect the euro from the consequences of a Greek exit or default.

The ECB's newfound ability to print money, essentially without limit, to support both banks and governments has reduced Greek contagion to insignificance.


THE good news is that a Greek default, which has become more likely after Prime Minister Alexis Tsipras's 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. The bad news is that Mr