Finally

The European pollies continue to dither, but the key central banks are taking action.  Finally.

Stephanie Flanders has a thoughtful blog post about the whole mess here.

I still think Greece will effectively default.  Its burdens are too great now.  But .... it's just possible that the default will be orderly.

Interesting times.  I took some money off the table a few days ago, despairing that the Europeans would get their actions together.  The outlook today is brighter.  Somewhat.