The end of the beginning?

“With yields over 10% and matters spinning out of control, Greece has gone ahead and announced its intention to tap the €30 billion rescue package extended by European finance ministers, even as negotations with the IMF on its share of the offered assistance just get underway. In some corners, this is being called the end of the recent drama, but it’s more accurately described as the end of the beginning. Greece has merely bought itself time—time to sell its citizens on the dramatic steps that will be needed to close its budget gap, and time to prepare markets for what may be an inevitable debt restructuring.” End, Act I – Free Exchange

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