The standoff is over. Greece made painful cuts, so the rest of Europe is stepping up to bail them out. Expect this scene to get replayed again in the coming years.
The member states have agreed on "co-ordinated bilateral contributions" in the form of loans or loan guarantees to Greece if Athens finds itself unable to refinance its soaring debt and requests help from the EU, a senior European commission official said.
Other sources said the aid could rise to €25bn (£22.6bn), although it is estimated in European capitals that Greece could need up to €55bn by the end of the year.
The German people were overwhelmingly against this. It seems that when it comes to bailouts, the working people of the world no longer have any say.
no surprise here
a hell of a lot of posturing, but how about the details? It seems they are busy attacking labor instead of currency swaps and loan-lease deals to not only hide debt but create gobs more of it.
This is so disturbing because I know we have all sorts of similar deals in the U.S., esp. with municipalities and how under the radar is this, i.e. actual hidden and increased debt through selling off public assets or leasing them and getting a loan and so on?