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Europe's Pointless 'Breakthrough' on Greece
The leader of Europe’s finance ministers called Wednesday’s agreement on Greek debt a “major breakthrough.” In a way, it was. The latest twist in this perpetual negotiation has raised the art of dithering to impressive new heights. The next financing crunch, which would otherwise have come this summer, has been staved off: Greece will get money to last it at least until October. To make this possible and maintain a show of comity, its official creditors have ventured various semi-commitments and vague understandings. But they left basic disagreements -- mainly between Germany and the International Monetary ... (full story)