While acknowledging that saving Greece was always going to be difficult, Daniel Gros notes in this Commentary that success seemed within reach last year until conflicting narratives became intertwined with hard interests. It remains to be seen whether the third package, acrimoniously negotiated July 12th-13th among the euro-area heads of state, can create the conditions that will allow Greece to grow again.
Daniel Gros is Director of CEPS. An earlier version of this commentary was published by Project Syndicate, 9 July 2015, and syndicated to newspapers and journals worldwide (www.project-syndicate.org/columnist/daniel-gros). It is republished here with the kind permission of Project Syndicate.