Greece saved from disorderly default.

After much wrangling, hamming and hawing, European Finance Ministers had approved a new bailout for Greece. What remains now is for individual legislatures to approve. That is considered a formality. The total package will run to $86B.

Will this restore the Greek economy? Hard to know. Greece suffers from a bad case of social democracy: overspending, underproducing and deficit spending. Greece will raise taxes and that does not bode well. Higher taxes do not produce a better economy.

For the time being, the EU stands and Greece in the EU. But, 22 out of 26 members of the EU have outsize debts that can not be repaid.