October 27, 2011
For many analysts combing over the three-part deal to restore confidence in the eurozone, the most important things were not what was in the agreement – but what was left out.
On almost every major issue, particularly the second €130bn Greek bail-out and increasing the firepower of the eurozone’s €440bn rescue fund, it could be days or weeks before the details that underpin the entire package are finally ironed out.
“More than we had expected … has been left to be finalised and detailed over the next month,” Malcolm Barr of JPMorgan wrote. “There is plenty of room to doubt whether each of the key aspects of the package will deliver.”
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