> After all of which, Greece's unpayable debts are still
> unpayable ...
I don't have an opinion on the long-term possibility for recovery. I do think it's more likely today than it was two weeks ago.
> but the risks are all transferred to the public, no?
Well, some risks have been retired. 100B Euro worth. That's not nothing. But in exchange, yes I would say that the public is more on the hook this time. Whether that means anything real or not seems difficult to discern. How much of the result of a default would have been borne by "the public" anyway?
It does seem clear to me that unless/until the Greek people take their country back, potential solutions (like enforcement of existing tax laws, for instance) remain elusive.
/jordan