Economy: Economic News, Policy & Analysis - The Washington Post: Wonkbook: Muddling along in Europe

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Wonkbook: Muddling along in Europe Feb 21st 2012, 13:02 I'm having trouble deciding how to begin this morning's Wonkbook. Option A: The euro zone reached a deal to bailout Greece! Option B: The deal the euro zone reached won't work. Let's begin with Option A. Late last night, the euro zone signed and sealed a $170 billion bailout for Greece. The terms are tough on Greece, who will have to reach incredibly austere targets and put up with monitors in Athens and keep an escrow account filled with three months of debt payments at all times. They're tough on bondholders, who are taking a haircut in excess of 50 percent -- at this point, it's more like they're getting a bit of their head sheared off. They're tough on European lenders and central banks, who will be reducing the interest rate they charge on debt to Greece. The terms are, frankly, tough on everybody. Perhaps too tough. Read full article >>

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