I suppose this is what you call a respite. Even though markets fell and the € remained below the significant $1.20, the Eurozone was committed to its hairshirt, a puritanical straitjacket of catastrophic proportions. Whilst I argued for reform of their welfarism for many years, they wish to self-destruct their Ponzi schemes as quickly as possible for small pieces of paper. This is Hitchhiker's Guide madness.
European finance ministers attempted to calm nerves by finalising details of a safety net for the eurozone and moving to tighten up budget discipline. Ministers from the 16 nations that share the single currency were due to agree arrangements to allow a Special Purpose Vehicle to raise up to €440bn (£363bn) to lend to eurozone nations that run into Greek-style problems, officials said.
They were also due to discuss ways of avoiding another Greek debt crisis
by
tightening surveillance of national budgets and introducing earlier
and
tougher sanctions against countries that breach EU deficit limits or
misrepresent their statistics.