Quite aside from how the Greeks vote or not, Europe's recent agreement, though it will help the debt situation, remains entirely inadequate.

Even if the Greeks abide by their agreements and all of the still-vague elements of this recent plan work out as well as the French, Germans and other nations of the European Union (EU) hope, the problem goes far beyond Greece. The situation will ultimately demand additional financial resources that only the European Central Bank (ECB) can provide. And even if the ECB steps up, Europe must also address the underlying imbalances in the common currency that so contributed to today's financial tensions. Without action on this basic issue, problems will only recur, even if this latest remedies work out better than anyone expects.

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