Euro’s future looks shaky as nations struggle to escape mountains of debt

THERE is considerable confusion about the “deal” reached by European finance ministers to bail out the Greek economy.

Some ministers stress that the deal will be used a last resort only after the country has implemented draconian cuts and the Greek prime minister has yet to formally make an application for financial assistance.

It seems clear, however, that the deal will be rolled out once some legal footwork to circumvent the no bailout clause in the Maastricht treaty has been worked out by Germany.