Recipe for revolution: Reject initial austerity package. Go to the people and whip up opposition. Win mandate to reject package. Go back to troika and accept original package.
Credit Risk Declines in Europe After Greece Gives in to Demands
Debt risk indicators fell in Europe after the Greek government offered to meet most of the economic reforms demanded by creditor institutions in exchange for a new bailout. The cost of insuring European corporate debt against default fell by the most in more than two weeks, Greek corporate notes rallied and the government bonds of other highly indebted euro-area nations, such Italy and Spain, extended gains. Greek Prime Minister Alexis Tsipras offered a package of spending cuts, pension savings and tax increases in exchange for a 53.5 billion-euro ($59.8 billion) bailout. The Greek parliament will debate the new ... (full story)