Saving Greek’s economy - Rescue deal a huge test of solidarity

SO, here it is; a huge leap into the unknown to try to rescue the economy of a fellow EU member state destroyed by overspending and tax evasion.

The challenge should not be underestimated as the stability of the entire eurozone may be in question if the project does not succeed in the great majority of its aims. The EU has reached the most critical phase so far of the current global financial and economic crisis. Its — our — ability to manage its — our — economic affairs is facing its sternest test since the establishment of the single currency at least.

Around lunchtime yesterday EU president Herman Van Rompuy announced that a deal has been reached to help Greece cope with its deficit crisis. He emerged from intense negotiations in Brussels to say, alongside German chancellor Angela Merkel and French president Nicolas Sarkozy, that they were joining a full summit of EU leaders “to announce the deal that we have reached”.