When a compromise is inappropriate, it must...

Greece, which was on the brink of a default, will be rescued, but now it (and the rest of the EU) will have to pay Germany more heed. Europe will have to switch to a new financial and auditing system and, most likely, make some amendments to the Lisbon Treaty, the EU"s quasi-constitution.

These summits are like icebergs. They conceal much more underwater than you can tell from the tip. The recent summit may be a prelude to very serious changes in the structures and way of life in the Euro zone and, later on, in the entire EU. After this summit, it will be much easier to expel violators of financial discipline, like Greece, from the common EU currency system.

The concrete outcomes of the summit are as follows: 16 EU countries have agreed to grant Greece a loan on a shared basis. The EU countries will provide two thirds of the loan, and the rest will come from the International Monetary Fund (IMF). The final communique does not specify any figures, but 20-30 billion Euros

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