Everyone is happy to buy time until September …

All factors in the eurozone have agreed that something must happen with the Greek debt. It is not sustainable. The French “trick” that involves private sector seems nice and spreads some enthusiasm to all except the ECB. The ECB president, warned that Eurozone governments should not assume the private sector will participate in a new Greek bail-out deal. The ECB, fears contagion effects across the eurozone and is frustrated with finance ministers’ failure to control the eurozone debt crisis (from the FT).

So, there won’t be a solution soon, in order to avoid a “credit event” with unpredictable consequences and everyone is buying time to reconsider the whole situation until September - date for the next bailout package to Greece.

The happiest of all, is the Greek government, who is spending time by creating “agendas”, implementing the “cutback project”, re-opening the Siemens case and wondering why citizens are beating her deputies.

Have a relaxing summer …