Greece Scores Another Bitter Victory

Late on Dec. 15, the Greek Parliament approved a package of measures that will allow the country to receive 1 billion euros in bailout funds. The measures include legislation authorizing the sale of bad business loans from local banks to foreign investors and a new pay scale for civil servants. The reforms were not particularly controversial, and the Eurogroup will probably decide in the coming hours that Greece deserves to receive the next tranche of the bailout. However, Greece will have to pass even more controversial measures in January. ...