The number announced by the EU finance ministers after an eleven-hour negotiation is TARP-like: $650 billion to bail Greece out of its latest big-gov hangover and dome the damage. (The WSJ calls it closer to a cool trillion by including another $300 million-plus from the IMF.) From the BBC:
Economic Affairs Commissioner Olli Rehn said the agreement proved “we shall defend the euro whatever it takes”.
Another fine mess, Olli. As James Capretta suggested Friday, what it will take is many, many more euros than that. Wait until a Eurozone country bigger than Greece – and that would be nearly all of them – edges toward default.