So now we wait of the dust to settle as the IMF inquisitors prepare their salvation and the EU prepares to learn how its done.
One thing to bear in mind. The banks that would loose many tens of billions if Greece defaulted on its debts are French (€75B), German (€45B) and Swiss banks. Germany does not want to bail out Greece. But it does want to make sure its own banks do not collapse. French banks also own some of the larger Greek banks. And those banks are also exposed to CDS on Greek debt that defaults.
A large part of this plan, and it is still not a done deal. Not by a long way. The terms must be laid out and all parties must sign. The Greeks in their own blood.
The Germans and French will borrow at the much lower rate they can get, and lend that money on to Greece, with a small premium. That money will then try to make sure that the French and German banks and the Greek banks they own do not go under.
The French and German’s are in a real sense being forced to bail out not Greece but their own banks via Greece. And all it will cost the Greeks for protecting the French and German banks, is that the Greek people come under the care and guidance of the IMF.