Brinkmanship in Brussels, Sturm and Drachma for Greece and Europe

From piie.com

Just as it did when Congress recently extended the payroll tax cut, brinkmanship has produced an early morning deal in Europe to extend a new lifeline to Greece and clear the way for the biggest sovereign bond restructuring in history. Both pieces of the agreement—the privately held Greek debt write-down of more than €100 billion and the terms of the new bailout extension—have produced widespread doubts in markets and among many analysts. Accordingly, a more detailed look at both is worthwhile, before considering how this package fits into the ongoing brinkmanship between the euro area and the ... (full story)