Is there another Act in the Greek drama?

Yes is the answer. AP reports that "In one whirlwind morning, the European Union nations agreed on the foundation of a fully fledged banking union and Greece's euro partners approved billions of euros in bailout loans that will prevent the nation from going bankrupt."

By now we understand that what AP reports is not the complete truth or even an incomplete truth, but a sort of polyyannaish glossover of some facts. What is the "foundation of a fully fledged banking union" for example. Well, it is the ECB supervising banks of a certain size. And what is meant by supervising? To be hammered out later. What will be the rules that they agreed to? Unknown. Who has the authority to approve the rules? You would think maybe the ECB, but by now we have come to understand that these phrases will be the foundation of endless bickering and meetings.

Far more concrete is what was decided on Greece. Remember the last post devoted to Greece? The agreement to provide Greece with rescue funds? Well, this last meeting reaffirmed this determination. Between now and March, Greece is to receive $64B in funds of which over half is to be delivered soon. [What, no further meetings?] It is mentioned that the Greek govt is to buy back bonds held privately, but at 1/3 of their face value. So, the Rescue Fund is timed to pay for the partial bond default and THEN Greece will get some funds for operations.

I am not going to repeat the BS uttered by the participants of the conference about restoring confidence in Greece's business climate and so forth. The agony of the Greek people is what happens when a country far gone into the idiocy of Leftism is being dragged back into the real world.