the best a hairyback can get tuesday, page-66

Ifs and buts starting to filter in. This is sell the news for which I am one) because there is no more good news left to look forward to.

10.18 Raoul Ruparel, head of economic research at think-tank Open Europe, already sees a problem with the "voluntary" nature of the deal:
Despite last night’s agreement there are still huge unanswered questions in regards to the second Greek bailout. It seems unlikely that Greece will be able to enact this list of ‘prior actions’ before the end of the month given the huge political and social unrest seen in Athens recently. Furthermore, the expectation that 95% of private bondholders will agree to an even larger write down than expected seems wildly optimistic. Meanwhile, the prediction that Greek debt will become sustainable again rests on the assumption that Greece will hit impossible austerity targets and yet still return to growth next year.
Even if everything goes to plan, this deal can at best buy Greece and the eurozone some time. Unfortunately, it is not clear whether eurozone leaders have a viable plan to take advantage of this breathing space.