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No Grexit for now but the need for some debt relief will be inescapable

The headquarters of the European Central Bank (ECB) is pictured in Frankfurt am Main, western Germany, on June 22, 2015.

WITH barely a week to go before the expiration of Greece's bailout arrangement with its creditors, the two sides appear to be finally close to a deal that will, for now at least, enable Greece to avert a default that only last week loomed so large.

Although a final agreement has yet to be...

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