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At long last, European creditor nations and Greece have reached an agreement on a third bailout in five years.

The bailout, which was approved by Greece’s Parliament on Friday, included familiar details: In return for an infusion of 86 billion euros, or $95 billion, Greece has promised to increase taxes, cut spending and enact measures to make its economy function more efficiently.

But there was one glaring omission. As it stands, none of that new money flowing into Greece will come from the agency that has, until now, played a...

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