Don't cheer Greece's bailout exit just yet

For once Europe has an exit to celebrate rather than dread. On Monday, more than eight years after its first eurozone bailout, Greece left its third financial rescue program. This is a welcome Grexit, but before popping open the champagne it's important to remember that Athens remains in thrall to its European creditors, who have failed to put the Greek economy on a sustainable footing.

Just three years ago, Greece's amicable departure from any bailout program would have seemed unimaginable. In the first half of 2015, brinkmanship by Alexis Tsipras's newly-elected radical-left government nearly precipitated a disastrous Grexit from the monetary union. After a hastily-called referendum delivered a resounding rejection of creditors' terms for further assistance, Germany initially pressed for Greece's temporary ejection from the eurozone. With Greek banks already shut down,...