There were three signals of note that emerged from the EU Summit, even if no new initiatives or measures were announced. First, there was moral support for Greece as officials recognized “the determination of the Greek government to deliver on its commitments and we commend the remarkable efforts by the Greek people.” By acknowledging that good progress has been made to bring the adjustment program back on track, it will be difficult to deny Greece a tranche of aid so it can service its debt that remains largely in the Troika’s hands. Second, German and non-euro area governments succeeded in slowing down the dash to ... (full story)