Euro Currency Emerges Intact, for Now, From Greek Crisis

Europe’s monetary union appears saved. For now.

A man wrapped in a greek flag stands in front of the stairs leading to the Greek parliament in Athens during an anti-EU demonstration in Athens calling for a 'NO' to any agreement with the creditors on July 13, 2015. Louisa Gouliamaki/AFP/Getty Images

THE HAGUE, Netherlands—Europe’s monetary union appears saved. For now.

Although relief prevailed after Monday’s Greek bailout announcement, key questions remain about whether the euro currency will remain sustainable in the long-term — and even whether the European Union itself remains a viable project.

The weekend’s marathon negotiations over Greece’s third multi-billion euro bailout in five years put Prime Minister Alexis Tsipras on notice that if he does not push through deeply unpopular economic reforms, his country could still be cut off from aid and face the risk of a painful exit from the euro. It was not clear whether Greeks would play along with the painful measures, and tussles between Germany and France over the terms of the bailout also showed key divisions between the engines of European unity.

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