Yet Another Last-Minute Step Away From the Cliff in Europe

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The financial situation in Europe keeps looking dodgier and dodgier, and yet I continue to persevere in my belief that, at the very last moment, European leaders will end up doing more or less the right thing. (“Right thing” being very broadly defined, mind you, to be anything that prevents collapse and a euro crackup.) That seems to have happened yet again today:

After days of dramatic talks, Greek political leaders reached a deal on Thursday to support a package of harsh austerity measures demanded by Greece’s financial backers in return for the country’s latest bailout.

The deal is expected to unlock the €130 billion, or $172 billion, in new loans and save Greece from a potentially disastrous default.

Not everything is coming up roses, of course. The deal still has to be approved by a variety of folks in Greece, and there’s always a chance of some last-minute theatrics. It’s also true that the austerity measures agreed to will make Greece’s economy spiral ever downward, so while the final implosion of the euro area has been delayed, it hasn’t necessarily been prevented. That’s going to depend a lot on Angela Merkel, the patience of the German populace, and the future actions of the European Central Bank.

But for now, collapse has been averted at the last minute. As usual. Whatever happens in the future, I think we can expect that this is when collapse is always going to be averted.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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