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Greece will not manage to get back on its feet without restructuring its debt. There is no way around it. The country's creditors will have to reduce a portion of its debts by extending maturity dates, lowering interest rates or giving them what's called a 'haircut' in financial jargon. ↗
To his lasting credit, President Reagan never wavered. He recognized the strategic importance of staying the course, both in terms of denying Moscow the military hegemony it sought in Western Europe and of restoring the will, cohesiveness, and security of the NATO alliance, so badly frayed during the turbulent 1970s. ↗
