We have a deal! 

And the cry went forth, and the markets rallied. Again.

In the usual opera buffo, the Greeks accidentally sent the wrong terms last night. And then sent the correct terms this morning, too late for the powers that be to adequately consider them.

In the terms it appears that Syriza has finally put a toe over its 'red line,' causing some to explode with calls of premature capitulation.

More likely they disappointed first, brought the markets and the worried ministers to the brink, again, and then gave them terms that were not satisfactory, but much harder to dismiss.

Keep in mind that there is no 'deal' yet, but Greece is wearing down the opposition and fraying their nerves fairly well. And under duress they may take a deal, get their house in order as best they can, but in the Greek manner, continue the fight from the hills and the islands.

After all, when is a default not a default?  If it is delayed a year, involving a larger amount?

Life is not so boring these days. Some day I would like to share some ouzo or grappe with these fellows and have a good talk, share some war stories. High stake negotiations are always interesting.

And in their love of life, Greece is teaching northern Europe to dance. I am sure that Germany would like to take off their suitcoats and learn. But not everyone can yet hear the tune clearly.

Have a pleasant evening.

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