We’re just starting to get a taste of how the Greek bailout is going to play across the EU.
We know already that German leaders are freaking out, complaining about Merkel’s sellout.
And here’s the scene in Greece.
The Greek aid mechanism continues to be a thorny issue from an operational perspective. An Italian government source tells Reuters that Italy must pass a law before it can aid Greece and that it will have to float bonds in order to be able to do so. One more hoop that must be jumped through before the package can be put in action.
And that’s just in one country. We don’t know what kind of mechanisms will be needed across the rest of Europe.
Greece better pray that goes better than our TARP vote.
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