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  Yes, latest reports indicate it is a fudge.
  
  They allowing are for some re-scheduling of Greek debts and are accepting some level of selective Greek default with provision for re-capitalising the banks where necessary. They are fudging the rules of the European Central Bank too in order to stop the Greeks from being expelled from the Euro as a result.
  
  Quite simply this will not work... Another sticking plaster over a much bigger problem they are just not addressing the fundamental economic weakness of Greece and the flaws that exist in the Euro.
  
  How long it delays the inevitable is anyone's guess but you can expect a lot more problems to come.
  
  Typical EU disaster in the making. It certainly makes 'contagion' a lot more likely.

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