The omens are better, with the IMF calling for debt write-offs – but the chances are Greece will require another bailout

Compare and contrast. As Greece raised money in the bond markets for the first time in three years on Tuesday, prime minister Alexis Tsipras declared that the fundraising was “the most significant step to finish this unpleasant adventure”, meaning the country’s bailout.

Back in April 2014, when Greece was returning after a four-year absence, the country’s finance minister drew a similar moral. The return to international borrowing markets was “a catalytic undertaking,” he said. The crisis soon returned. The next bailout followed after a referendum on the terms of austerity.

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