Seekers of silver linings will have noticed one positive outcome from
last Monday's Greek bailout deal: It has managed to survive a week
without unravelling. True, the markets haven't exactly reacted with
euphoria to a deal that has supposedly prevented a disorderly default
and Greek euro exit. But the fact markets haven't yet fallen apart is in
contrast to previous "make or break" euro deals over the past two
years, such as the infamous Deauville summit in 2010, the July 21 deal
last year and the disaster at Cannes in October, which only intensified
the crisis.
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