The Obvious Question Therefore Becomes: What Now?

Ooooohhhh boy. That wasn’t part of the rescue plan, was it? The standard approach to crisis management is “UPOD”: under-promise, over-deliver. This is the “shock and awe” approach to bailouts that we saw last spring (via huge QE programs and a Dr. Evil-esque allocation promise to the IMF, which hasn’t done much good for Greece, it [...]