Greece will pass go, will collect $173 billion
There’s a deal in Greece. Here’s our report. Here’s the FT. The bottom line is that Greece just got a $173 billion bailout at the cost of a lot more austerity. The ECB’s flexibility is also a big story here.
To say that Greece’s semi-orderly default is “good news” is to admit that the world has become very strange over the past few years. But the world has, indeed, become very strange over the past few years, and this is good news as compared with a world in which Greece’s default is disorderly. But it’s going to mean a lot of pain. “Greece’s two main unions have called a 48-hour strike beginning on Friday to protest the latest austerity plan,” the FT notes.
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