Eurozone bailout

I apologize to Ed Miliband, who must be chortling to himself this morning.  Despite what I wrote, David Cameron, who I suppose has detected political danger in allowing the Eurozone bailout to be finalized in his absence, is going back to Brussels on Wednesday after all.  I don't suppose he'll enjoy himself much sitting there while Merkel and Sarkozy ignore anything he says.  Sarkozy is unlikely to be charming about it: "We are sick of you criticising us and telling us what to do."

It seems that the bailout deal will include a Greek government default on its debts, in the form of a bond 'haircut'.   The eurozone is no more interested in my advice than it is in Cameron's, but I say that abandoning the absurdity of pretending that Greece can pay its debts is a start.