Who knows if it is going to make any long-term difference to the fate of the globalised economy but it is refreshing at least to see that under the terms of the Eurozone rescue agreement, 'The Banks' are to write off 50% of the money owed to them by Greece. At last, the bastards who've been profiting by screwing up the financial system will have to suffer, if only at the margins. Now what is needed is for the Greeks generally to stop fiddling their taxes - which has been their way of life for years and has contributed to their deficit. And, presumably, the EU will make sure that the Greek government no longer cooks the books.
No doubt, the banks will try to recoup their losses by some devious means or other so vigilance is the word!