When voters elected Syriza on Jan. 25, they were expressing hope for the impossible mission that it promised: loosening austerity and slashing the country’s debt while maintaining the funding from Europe that would allow Greece to stay in the eurozone. Many observers, including prominent economists, hoped to see an alternative to the austerity-for-reform model, which they believe to be a failure. But the past few weeks have been marked by increasing economic instability, with revenues collapsing while a viable deal between Greece and its partners remains elusive.
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