Tick-Tock: Greece Bailout Announced

Via NPR: European Union, Greece Devise Bailout

We've heard this a few times before, haven't we?

The devil is, of course, in the details.

They have a deal if:

1. The German Parliament approves Germany's role. (Damn! That old 'rule-of-law-follow-the-Constitution' thing just impedes progress...)

2. The Greek government can actually survive the imposition of the austerity measures demanded. Deficit is now 13.6% of GDP, and they've promised to cut it to 3% by 2014. (Ever tried to reduce your expenditures by a factor of 4? Ever tried to impose that on anyone else?)

3. If today's meeting in Brussels approves it, or if another meeting of the Great and Good will be required.

They have to get all this done by May 19.

Tick.

Tock.