What kind of Greek deal is on the table?

Hugo Dixon offers some very useful remarks.  And here is a good running survey from Politico.  I’ll add two points.  First, all of a sudden Merkel has lost the “blame game” battle.  [Update: But the actual reality now seems to be a deal will be reached, and I suspect the process will be forgotten, or judged only on the basis of whether the deal works.]  Second, I am reading many, many dramatic remarks about the collapse of European institutions, etc.  Will these be retracted if they are not supported by market prices upon opening?  I don’t think so.


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