It’s all quiet on the Greek front this morning, twelve hours after the EU Leaders agreed to save Greece. The Euro zone Summit ended last night with lots of smiles and lots of unanswered questions by politicians and bankers. We still have to wait and see the details of the Rescue Agreement. We will soon know whether rating agencies will evaluate the participation of the private sector as ‘selective default’.
From what we heard so far, one thing is clear: Greeks will remain economic hostages for the next 40 years. That means, I have plenty of time to keep feeding this blog. Therefore I’m off for a long weekend. The same I wish to you: Time for a nice and news-free Break.
Here’s a few words from Paul Krugman on some details of the plan:
http://krugman.blogs.nytimes.com/2011/07/21/1937-1937-1937/?scp=2&sq=krugman&st=cse