On Monday, there was yet another deal. But this time it is one that pushes Greece into the abyss, even if financial markets don’t acknowledge it just yet and even if what happens next is deeply uncertain.
…Just a week ago, its voters overwhelmingly rejected a bailout offer that was less punitive than the one its leaders just accepted.
Yet the deal that Greek leaders and their creditors reached Monday morning after a brutal series of overnight talks promise to deepen political and economic strains in a country already in depression.
And this, oh yes this:
France “won” in the sense that the unraveling of the eurozone did not happen on July 13, 2015. But it came at the cost of policies that make it less likely that will be the case one, six, or 12 months from now.
If this counts as a victory for the European project, it is hard to imagine what a defeat would look like.
Why are the financial markets up on this? Gangrene is better than amputation? Why should the stock markets be happy that bond vultures were (temporarily) saved at the expense of the real economy?