Greek-style write-offs are just not affordable

WEDNESDAY night’s marathon summit in Brussels was the 14th held in the 21 months since European leaders originally agreed to rescue Greece.

The fact that so many summits have had to be held, with all them held against a backdrop of panic and crisis, is indicative of just how difficult it has proved to get European political and financial leaders to agree on a strategy of sufficient magnitude.

It would appear that the outcome from Wednesday’s night’s summit is the first time that they have stepped up to the plate in any meaningful way.